Wow nice find on JPM buying BTC on that dip! Too bad the pumpers / haters at CNBC probably won't have a word to say about it. Gotta stick to the narrative fed to them by their masters.

Sadly this is nothing new as the big banks and hedge funds have been involved in the manipulation of the price of commodities and many other assets for some time now. A simple google search shows that the likes of JPM, Goldman Sachs and others have been doing this kind of thing for years and have already been investigated and fined over it.

https://www.forbes.com/sites/maggiemcgrath/2014/11/19/goldman-morgan-stanley-and-jp-morgan-named-in-commodity-manipulation-investigation/#372d2131366d

I also suspect they were probably somehow involved in the short squeeze that occurred in oil starting in early 2016 as many of the major players in the futures market (MS, GS, JPM) had acquired massive short positions which helped drive oil down to $26 / barrel. They most likely began to cover them just before or right after the news that OPEC and Russia agreed to cap production (which meant nothing because oil production was already near all time highs). The timing of it was a little bit too convenient as the US stock market was at a critical level of support and was being dragged down by the falling oil price. I suspect there was massive collusion behind the OPEC-Russia news release (Wall street, US govt, other oil producing countries, etc).

Even though the oil market remained just as over supplied as it had been for months, the price of oil doubled in a few months due to the closing of short positions and opening of new long positions which was evident in the CoT (commitment of traders) reports at the time. And after oil had rallied nearly 75%, Goldman sachs "officially" changed its stance from ultra bearish on oil to bullish as reported by our friends at CNBC. I'd wager that they changed their net positioning (from short to long) in the oil futures market months before this piece came out.

https://www.cnbc.com/2016/05/16/oil-prices-jump-as-goldman-sachs-says-market-flips-into-deficit.html

My understanding of the existence of futures contracts was supposed to be so that producers can use them as hedges against price volatility and plan for the medium and long term as far as sales and profits go. But the big banks inevitably got their hands in the proverbial cookie jar and have manipulated prices to their advantage and to the disadvantage of the very business entities that the futures market was supposed to help.

They continue to manipulate markets and get away with it and now they've entered our beloved crypto currency market. This latest stunt involving Bitcoin and Jamie Dimon is just the latest in a long and obvious history of these Wall Street types manipulating whatever they can to make money regardless of the effect it has on anyone else.

The entry of these big players into the crypto market means there will be even more volatility than we have seen in the past and I'm sure they're doing it because they see it as a threat in the future and an opportunity at the present time as they have enough money and clout to move the entire crypto market. I'm glad many people saw this for the hit job that it was and were able to get some cheap coins (myself included) but I hate that some people panic sold and possibly lost money because of Dimon's hit job.

I wonder if Mr. Dimon will fire whoever bought all that bitcoin for his firm as he stated in his shameless rant.

I've followed you and upvoted. Sorry if I got a bit long-winded here (oops) but I really enjoyed reading this post.