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Bitcoin Private Price Doubles Thanks to Small-volume Pump-and-Dump

While the cryptocurrency world is not immune to pump-and-dump schemes, it is evident some currencies tend to go up in value for no apparent reason. As of right now, the Bitcoin Private price is getting a massive pump, even though the currency has no real purpose as of right now. With a value of $31.37. it remains to be seen how high the BTCP price can go in the coming hours and days.

Bitcoin Private Price Pump Intensifies

It is good to see all of the top cryptocurrencies not some big gains in the past 24 hours. Although there is still a fair of bearish momentum in the market as well, things are certainly looking rather promising as of right now. Even the Bitcoin Private price is getting a hefty pump for no good reason, albeit every dog has its day, even in the cryptocurrency industry.

To put all of this into the proper perspective, the Bitcoin Private price has surged by 92.9% in the past 24 hours. Such gains are very spectacular and also a clear indication as to how this altcoin has no natural or organic growth whatsoever. Bitcoin private also gained 79.4% over Bitcoin, which only further confirms this pump will turn into a massive dump pretty soon. When that happens, we will see the Bitcoin Private price return to its normal level of $17 and potentially lower.

It is unclear what is driving this sudden interest in Bitcoin Private, as this hard forked currency has no real use cases other than speculation. Although most people would argue that goes for all cryptocurrencies, there are a few reasons why people treat Bitcoin as a currency rather than just an investment vehicle. With Bitcoin Private, that story is completely different as of right now.

The current BTCP trading volume of $1.525m is quite abysmal, although it is mainly determined by people trying to get in on the pump action before the sentiment reverses course. FOMO is a very real trend in the cryptocurrency world, and it seems Bitcoin Private is the go-to pump as of right now. Tomorrow it will probably be a different coin, as the Bitcoin Private price action grinds to a halt.

Trade Satoshi is the largest exchange for Bitcoin private trading, alongside with Nanex. Neither of these platforms is well known, although Nanex is a platform designed for the Nano community. That makes it rather appealing for obvious reasons, although trading nano for BTCP may not necessarily be the smartest move as of right now. Exrates completes the top three, albeit its volume is 1.42% as of right now. This pump will quickly run out of steam, that much everyone can see.

With no fiat currency pairs in the top 5 for Bitcoin private, it is evident this momentum cannot be sustained. It doesn’t take all that much trading volume to crash this entire green candle on the charts and put BTCP back in its rightful place. How all of this will plan out in the coming hours and days, remains to be determined, but Bitcoin Private is not the currency to speculate on now, or in the future.

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Amun’s Crypto ETP Volume Spikes: Sign Of Bitcoin Accumulation?

Just weeks ago, as Bitcoin (BTC) walked the fine line between a breakout and lower lows, Amun, a London-based fintech firm, suddenly divulged that it was slated to launch its “HODL5″ exchange-traded product (ETP) on Switzerland’s SIX exchange. Amun’s announcement instantaneously garnered attention from the bulk of the cryptosphere’s eyes and ears, with everyone and their mother discussing the”game-changing” vehicle, which put a spotlight on BTC, Ethereum (ETH), and XRP. Speaking with Financial Times regarding the product, Amun CEO and co-founder Hany Rashwan explained that the ETP would be an enticing offering for both institutional players and retail traders alike, as it would provide secure and regulatory-compliant exposure to cryptocurrencies. And with that in mind, HODL5 became the rallying cry for crypto’s bulls blinded by “hopium,” who stated that the SIX-listed instrument could catalyze a jaw-dropping reversal. Yet, upon its launch, the performance of Amun’s crypto foray was lackluster at best, dismal at worst. Interest In Switzerland Multi-Crypto ETP Surges As reported by NewsBTC, HODL5, while the most-traded ETP on SIX, saw little-to-zero interest during its first day on public markets, posting an insignificant $400,000 in volume. Such a figure was, of course, a far cry from the millions in volume that optimists were clamoring for. Many chalked up the fleeting interest to a number of factors, namely the fact that SIX has only been classified as Earth’s 13th largest stock exchange, posting a market capitalization of $1.6 trillion, a mere seven percent of the S&P 500. Industry analysts and commentators looking to find a rationale behind the lack of volume aimed their scopes at other nuances. Some attributed the HODL5’s initially scant volume to Amun’s inability to captivate the business and wallets of SIX’s institutional clients, the vehicle’s targeted constituency. Moreover, these skeptics added that such market participants didn’t believe that the crypto market was poised to reverse its multi-month downtrend. However, with a recent tweet from Su Zhu, the chief executive and investment officer at Singapore-based Three Arrows Capital, Amun’s fortunes may actually be turning for the better, despite the further decline in the Bitcoin price. On Thursday and Friday of last week, as BTC freefell to establish a year-to-date low in the $3,200 range, Switzerland’s only ETP surprisingly saw record-breaking volumes, which followed weeks of relative inactivity and mundane action. In fact, Thursday saw traders exchange 53,233 HODL5 shares, and 62,986 on the following day, which amounts to approximately $1.3 million at current prices. This, of course, was a far cry from the 27,244 shares traded throughout the product’s inaugural session. Last Thurs and Fri we broke volume records again on the Swiss HODL ETF with 53,233 shares and 62,986 shares traded respectively. That coincided with the dip in BTC to 3.2k and ETH to near 80. The correlation between volume and price continues to be very strong at (-68%). https://t.co/Meuaa9MXCV — Su Zhu (@zhusu) December 11, 2018 In a subsequent tweet, the crypto-friendly Three Arrows Capital executive explained that there is a “very strong” correlation between volume in price, whereas HODL5 trading surges amid crypto’s incessant stream of strong drawdowns. Case in point, when ETH neared $80 and BTC neared $3,200 on December 7th, SIX processed record volumes as aforementioned. Drawing conclusions from this simple fact, Zhu, a bonafide crypto commentator growing in popularity, noted that “[ETP] buyers have firm levels in mind.” Bitcoin Revisits Year-To-Date Low At $3,200 — Potential Level Of Accumulation Just a week after HODL5 experienced its best day yet, BTC, after another bout of tumult and unpredictable price action, has found itself nearing $3,200 yet again. In fact, at the time of writing, the leading cryptocurrency trades for $3,250 a pop on Coinbase Pro, the essential benchmark of crypto exchanges. If Zhu’s analysis is accurate, and assuming that HODL5’s buyers are representative of the entire trading demographic, Bitcoin could potentially find a semblance of support at current values, as investors seek to cash-in on the crypto craze for the long haul. Other reports indicate have confirmed that investors, are, in fact, scaling into cryptocurrency holdings en-masse. Extensive research recently completed by Diar, a leading crypto-centric data analytics unit, has revealed that the amount of ETH that Ethereum’s top 500 wallets have held has risen by 80% in 2018 alone. To put this growth into perspective, on January 1st, whales kept 11 million Ether under lock and key, as of November 30th, the same group of wallets held 20 million. Although conclusions cannot be drawn from this statistic, optimists have exclaimed that whales are heavily betting on a market turnaround. Still, not all pundits are entirely convinced that this nascent market has found itself at a long-term bottom. Michael Bucella of BlockTower Capital recently told CNBC’s Fast Money panel that Bitcoin has yet to undergo its last leg lower, which will mark the end of crypto’s near-year-long “distress cycle.” Related Reading: Interview: Stephen Innes Says Crypto, Bitcoin to “Grind Higher” Over Next Decade Featured Image From Shutterstock The post Amun’s Crypto ETP Volume Spikes: Sign Of Bitcoin Accumulation? appeared first on NewsBTC.

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