Pump and Dump...029

Just before the weekend I said that we had a high chance of a break below the 4K range, and likely that we will drop to the mid 3K level.  What we saw over the weekend was another bear trap where BTC briefly rallied to 4.3K and then got aggressively thrown back below 4K again.  This has been a recurring pattern throughout the bear market, and not unexpected by any means.  The price is currently hovering around the high 3K levels, but my thoughts have no changed since Friday. Especially with the main stream media pushing out Warren Buffet’s most recent criticism of Bitcoin.

This was black and white manipulation, and caused many retail investors to get hurt.

Coinbase to list XRP…

The XRP community are finally getting their wish of Coinbase listing.  Causing an immediate 15% gain despite a recent drop in the overall market cap.  While this is good news for XRP and community that supports it. 

However, the wider community have raised several concerns with Coinbase’s recent listing quality standards. XRP has been questioned by the SEC in its definition of whether it is a security token or not.  With this issue still ongoing, people are questioning why Coinbase would actively promote such a token.  Many people are suggesting that Coinbase are struggling in the bear market, and are looking for alternative ways to increase revenue, by expanding their token offerings.  We’ve seen similar actions with multiple other exchanges such as Binance.

We as retail investors just need to be careful that the exchanges, we are trusting are not valuing their profits over their compliance and security. 

BUFFET is BACK

Warren Buffet was recently questioned about Bitcoin again, and was asked if he changed his mind concerning Bitcoin, Buffett answered saying that he did not, and that “it is a delusion, basically.” During the conversation, he also pointed out that Bitcoin has no unique value at all, since “blockchain does not depend on Bitcoin” and it does not produce anything.

Buffet further explained:

“You can stare at it all day, and no little Bitcoins come out or anything like that. It’s a delusion, basically.”

It is clear that again, like JP Morgan, the ‘giants’ see the value in the technology, but are sending the message to the public that the existing cryptocurrencies that are built on this technology are worthless.

Just thought I’d add this infographic to provide some perspective on how big some on these exchange hacks have been in the past… crazy!

Chat tomorrow!

Devin