Pump and Dump Crypto Market Manipulation and Bearish Price Trends of AltsAugust 8, 2019
The halving of Litecoin happened on August 05, 2019 and the block rewards for miners is at 12.5 LTC. The trading volume is seen at $3.044 billion. The overall market cap is at $5.808 billion with the decline rate seen at 5.80%
Despite few days of strengthening the price of the Litecoin is down by 2.72%. LTC has shown some unprecedented moves and it touched $99 for a moment. Resistance levels for LTC are seen at $97.48, $101.89, and $104.8 respectively.
Cardano has shown a 5% slump from $0.056 to $0.053%. This week has been very slow for almost all cryptos. The market cap and the ROIs of different coins have decline drastically.
On Tuesday the price of NEO has been down at 5.5% and this reversed the 0.92% fall which happened on Monday. During the mid-morning rally, NEO was short of early dip and it took to the intraday high at $12.25. The major support and resistance levels of NEO are left untested. Major support level is at $10.82 and major resistance level is at $12.04.
Stellar Lumens is planning for a business venture and it is expected for Stellar Lumens to hover near $0.2 by the end of year 2019.
Paolo Ardoino, Technical director of Tether recently tweeted: “@Tether_to is working with an exchange to perform a swap from Omni to ERC20 of part of its USDT cold wallet.” The details of the USDT tokens currently available are published in the website.
Tether is also considered by one of the well-known Twitter crypto analyst to be one of the major reason behind the bull rally of Bitcoin from $4000 through $13,800. It has been seen that ever since June, $750 million worth of USDT have been mined and the issuance has been closely aligned with the meteoric rise of Bitcoin to $13,800. However, there are others who disagree with this view.
Will Harborne, Ethfinex founder stated, “When you see a large Tether print it means a handful of wealthy clients have essentially preordered batches of Tethers, days in advance, to then dump on the market–often before it’s begun to surge. Buying significant amounts of USDT also allows whales to make trades on deeply liquid crypto exchanges that do not transact in fiat currencies.”
Several people continue to opine that Tether has a peculiar method of injecting USDT in to the market, which is a kind of market manipulation. They call it a bit of pump and dump.