Altcoin bloodbath, Bitcoin faltering, what happened?
I believe we are now in Stage 3 of the AI tradebot's activities. Yesterday, my whole crypto portfolio was up to the moon, which was Stage 2, as I had predicted will happen a coupe of days ago. Bitcoin needs to settle, and confidence needs to come back to the Altcoins so that the general public can buy in again (at a high cost).
Today, the picture looks rather grim, with all the Altcoins in the red again. This sell-off is part of the mind game being played by the AI.
I voiced my suspicions 3 days ago that it was the Chinese behind the tradebot, but it could very well be Bill Gates, North Korea or even Bulgaria, who also own large amounts of Bitcoin (which is what's required for this whole sham to work). Bulgaria had nabbed some criminals a few years ago, confiscating their bitcoin wallets with some 200,000 stolen Bitcoin. North Korea has been actively seeking ways to circumvent U.S sanctions, and has invested heavily in Bitcoin and the crypto market.
Not as actively as the Chinese though. The Chinese are way ahead of the game, with many solid platforms like NEO and WaltonChain on the market and a drove of tech-savvy software engineers pooling into the development of ever-smarter blockchain systems.
I expect the Altcoin markets to take a further plunge today and tomorrow, before Stage 1 starts all over again: massive moves of value in waves between Bitcoin and the Altcoins, projecting Bitcoin to new highs, perhaps back to USD$18,000 or even USD$20,000 before Christmas. Then there should be a pause and a short reverse. Then I believe the tradebot will repeat Stage 2, reversing Bitcoin and pumping the Altcoins to get new participants into the market at overvalued prices (like yesterday). And then back to Stage 3, which is where we are right now - the whole market is being drained of value. Part of the exit strategy I'm sure.
In other news, the popular mining pool - Nicehash - who ran away with 4,500 Bitcoin at the height of this AI trade boom, have closed down their site and refuse to publish any further information about the apparent "hack", which I believe was just an inside job. Unfortunately for me, I was mining on Nicehash for a whole month and was going to receive a payout of 0.012 Bitcoins, worth some $220 Australian dollars just 2 days later... looks like the hope of getting my coins back has now faded entirely.
If you would like to donate something, you can do so here:
Bitcoin: 1NxN1iqzc9AaYEgK5YryaeEX9TVXEZsGU4
Litecoin: LU3Nnqq1ssbL3KKsGKQrLxKJ3qjHXNovWh
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Thanks all.
Disclaimer: none of the above is meant to be financial or investment advice. Do your own research and make your own conclusions.
Or it could be just that the market has done very well over the past 2-3 months and this is just a natural retrace.
Have a look at some graphs prior to November 25. There's been no such thing as the ENTIRE altcoin market retracing like this. It is most definitely artificial, and would require considerable holdings in order to achieve such an effect. Organic price discovery does not look like this.