Imagine if you will that the US consumer is consuming more than 18x the amount of refined oil that can be produced in the US per day, yet the price at the pump for a gallon of gas is falling and it’s not just falling it is tumbling.
That is the exact scenario that is being played out right now in the crypto market. 907 new coins are minted each day and Grayscale bought 16,000 in one day. A half a months supply. So my question is, how the hell is the price of Bitcoin (or anything with that kind of pressure) going down??? And that is only one source. You still have PayPal, Robinhood, CashApp, and others that are buying in record numbers.
Manipulation is the only possible answer! Who is manipulating the price? There is some data to suggest that there is one major player is engaging in exchange arbitrage and shoring the price difference between two exchanges. And while the data does suggest who the culprit is, it is yet to be proven so I will not name them here. Though a quick search will probably yield the answer.
I’m on the sidelines until this gets settled. I’m not going to trade in a rigged market.