Cryptocurrencies: Market Manipulation Technique In Even Coins Continues To Concern Investors

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Last week was another extremely volatile week for the cryptocurrency market. Sleeping giant Bitcoin has finally woken up and crossed the $ 55,000 mark marking a period of massive rally. Most other altcoins have followed the momentum of the larger cryptocurrency.

The biggest altcoin, Ether, broke the $ 3,600 mark. A message from JP Morgan to clients suggested that this price action was largely the result of institutional investors seeking to hedge against inflation. It looks like big investors are starting to see the merits of BTC over gold. One of the most popular cryptos, Polkadot, has weathered the recent market downturns quite well. Polkadot is still waiting to launch his parachain slot machine auctions. Once that happens, the DOT could possibly climb massive heights.

The weakness was also eventful in terms of all the macro news affecting the cryptocurrency market. Reports claim that several hedge funds have recently increased their holdings in the cryptocurrency asset class.



In a massive turn of events, the US Federal Reserve has said it has no plans to ban cryptocurrencies. It gives faith that some of the policymakers in the United States really see the incredible potential that cryptocurrency and blockchain technologies will have in the not-so-distant future. The US Department of Justice has said it will establish a national cryptocurrency enforcement team to protect against cryptocurrency-related crimes.

The NFT ecosystem is heating up. In the third quarter of 2021, we saw NFT’s sales volume exceed $ 10.7 billion. That’s a massive nine hundred percent increase quarter over quarter. One of the largest cryptocurrency exchanges, Coinbase, recently acknowledged that nearly 6,000 accounts were affected when hackers attacked their databases. Coinbase recently sent a letter to the 6,000 affected probable customers.

The crypto world continues to be affected by the interventions of influencers on social media. Elon Musk is once again disrupting market dynamics after tweeting a photo of his pet dog, Floki. This event alone has skyrocketed all Floki-themed cryptocurrencies. One of the biggest winners of the week was The Coin, Shiba Inu. This kind of market manipulation technique continues to worry many long term investors.

Top 5 winning crypto of the week:
1.
Shiba Inu, SHIB up around 275%

2.
Ghost, MTF: 56.59%

3.
KLAYTN up: 37.38%

4.
SIA Room: 36%

5.
harmony ONE token: 31%

Top 5 Crypto Losers This Week:
1.
eCash: 11.5% decrease

2.
dYdX: 10.4%

3.
avalanche, AVAX token: 9.42%

4.
Huobi down 8.2%

5.
XDC Network: 7.3%

(The author, Edul Patel, is CEO and co-founder of Mudrex. The opinions are his)


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