your presumption is that some nefarious group of actors is somehow controlling the price of bitcoin?
Bitcoin is the most free market on Earth. No one is controlling it's price.
Discussion
Yes - when $btc declines for 5 months in a row between 6 and 8 am during week days and not one up day - I assume manipulation. You are correct.
Yes that's called selling. When people sell the price goes down. Do you claim manipulation when bitcoin goes straight up for months?
Markets are never rigged? Is that what you are claiming? No company has ever paid a fine for rigging a market???
I am talking about bitcoin, not whatever markets you are talking about. Banks and hedge funds break laws all the time and get fined for it. They rehypothecate gold, the short sell equities without borrowing the underlying, and so on.
Everyone's trying to make a buck. But imagining that a group of people are somehow suppressing the price of bitcoin, which is the most free and open market in the history of human civilization, suggests you don't really understand how the markets work.
Tell me, if you would, exactly how "they" are suppressing the price of bitcoin?
Please explain 5 months of no $btc week day up days… not one. Supply and demand no worky.
well for starters that's simply not true. You can look at the CME bitcoin price, which does not trade on weekends. Plenty of up days.
Since late june at the local high, there have been 26 trading days on CME and 8 of them have closed up. So I'm sure sure where you're getting you're data but "no up dates" is just factually inaccurate.
Again - speaking about a 2 hour window
There’s still one hour left for them to knock down the price today. Let’s see what they do…
Look at the total history of bitcoin price. You'll see that it has the behavior you are experiencing many times before, over and over again. Were "they" manipulating it when it went from $1000 to $90 in a week?
Nothing new is happening. Bitcoin is a nascent asset and therefore highly volatile. It has large swings in price that last weeks and months. Totally normal.
I am talking about a very specific time of day - during week day mornings between 6 and 8 am. I will post company fine new stories later for your enjoyment.
you are claiming that during a two hour period, every week day, for 5 months, there have been no green hourly closures? And if I prove this is not correct, then what will you say?
Draw a graph for me please - week day mornings between 6 and 8 am. Not weekend. Starting price 6 am central - ending price 8 am central. How many up days? How many down days?
if you are looking at a 2 hour window then it's not a "down day". It would be two hourly closures not a daily closure. Unless I do no understand what you're trying to describe.
You could be right and I could be totally delusional
I don't think you're delusional. I think you understand bitcoin better than most of the world and you realize that the current price is far below what it "should be". So when price is not screaming up it doesn't make sense to you, and so you ascribe that to some kind of market manipulation. When in reality it's normal behavior for bitcoin since price data began in 2011.
I am currently watching $btc get smacked down now - here - between 6 and 8 am central. I watch it fall every week day as I go walking. #bitcoin
have you ever heard of the concept of confirmation bias?
Technically btc price can be suppressed/controlled via the future markets..
For every futures short there is a futures long on the other side of the contract. If you were to attempt to suppress the price of spot bitcoin with futures you could buy enormous amounts of short futures contracts. This would cause the futures price to be well below the spot price, ie, futures would run a discount. Then market makers would buy futures and sell spot bitcoin to capture the risk-free spread.
Odd then, that CME, the largest bitcoin futures market, has been running a massive premium for well over a year now.
This is evidence that the futures markets are driving spot prices up.