Last night between June 3 and June 4 the price of Bitcoin fell more than $700 because someone sold 25,160 bitcoin which translates into more than 200 million USD. This transaction is rather peculiar and it reminds me of a couple of weeks ago in May when someone or some entity sold 10,500 Bitcoin which translated into over $80 million USD.

This to me points to manipulation. When I hear about really large amounts of Bitcoin being bought and sold causing the price to drastically fluctuate I’m immediately reminded of the US stock market and how the rich and possibly the government like to manipulate things especially money, for their benefit. Leaving the nonrich still not rich and with even fewer chances of gaining riches.

If you take notice these type of “dumps” happen overnight which gives the dumper time to dump, see the price fall, and not many are up and on, to take immediate notice. Thanks to the transparency that comes along with blockchain we can see how the dumps come from either one or just a couple of wallets which lets us know it is a premeditated deliberate transaction that is organized and not something like an event that caused multiple people to react. In these instances we can see what is going on thanks to transparency we can follow the movement of the wallet exchanges.

However the transparency also aids the “manipulators” because they can see on the blockchain where people have sell points so they can sell Bitcoin to cause a drop and when price dips below a certain price point sells are automatic causing Bitcoin dramatic price drop and then the “manipulator” can come back in and buy up Bitcoin at a lowered price and then wait to do again all the while gaining huge profits from this manipulation.

I do not like manipulation because, with it, some get taken advantage of such as those with the sell orders. They were protecting their investment by ensuring they don't lose too much money in case Bitcoin price falls without them knowing. However, in cases like this, they got taken advantage of because this manipulator dumped to get the price low so they can buy it back at a lowered price and now the people with sell orders are out of Bitcoin due to a manipulation which is a shame. I sure do wonder what's behind this manipulation and I wonder if any governments have anything to do with it?

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