CNBC Market Manipulation and Bitcoin

Any of you that have stakes in cryptocurrency noticed the dipped that occurred this morning. All of this was due to a CNBC article that claimed that China will be enforcing fierce crackdowns on cryptocurrency.

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The problem is, the writer apparently makes up a quote from the People's Bank of China. Upon searching through the People's Bank of China website I found no statement made about any sort of cryptocurrency or bitcoin in the past couple days.

Search for your self on the people's bank of China webpage. There's nothing on this page about any update on cryptocurrency bans in China. This shows that CNBC is allowing libelous market manipulating trash articles. Think about it, if you're Ryan Browne, the writer of the story, you're able to get you and all your buddies to short bitcoin, and you can go ALL IN, because you know it will have a knee jerk response. Which it did. It dropped 10% in a couple hours. 10% return in two hours.

Unless anyone can find an actual source that he is drawing this "news" from, then it is apparently a blatant act of market manipulation.

a reply to: cooperton

I woke up at 5am this morning and looked at my crypto coins like every morning and they all had crashed and I was like WTF is going on? Then I read an article about The Bank of China stating all crypto transactions are illegal. Hmm one guy did all this huh and not even as popular as Elon. I will have to look around the web today and see what other stories are out there.

china made crypto illegal so why would anything china have any effect on bitcoin? Am I missing something?

a reply to: cooperton

Then perhaps it is an Engineered Drop to buy cheap before it rises again.
A "short", is that what it is called when they force something to drop in price? Usually for stocks.

originally posted by: Skada
a reply to: cooperton

Then perhaps it is an Engineered Drop to buy cheap before it rises again.
A "short", is that what it is called when they force something to drop in price? Usually for stocks.

Yeah considering there was no new news coming from China, it seems like it was engineered to sway markets. Especially since a bunch of options expire today (its important for "options" that a price ends above a certain point on a given day)

September 24 options

In other words, if bitcoin were to have gone up significantly today, it would have led to a massive boom. Obviously someone involved with CNBC didn't want that.

originally posted by: watchandwait410
china made crypto illegal so why would anything china have any effect on bitcoin? Am I missing something?

Exactly. That's why this is blatant market bullying. OBviously they've already made up their mind on what they'll do with cryptocurrency. There's no new news, so there's no reason for this story to be published besides to sway the price

a reply to: cooperton

So, all a lie to reduce price. Manipulation at its "finest" (or worse).
Do these people even hide their acts anymore? Or, are they relying on no one doing any research?

originally posted by: Skada
a reply to: cooperton

So, all a lie to reduce price. Manipulation at its "finest" (or worse).
Do these people even hide their acts anymore? Or, are they relying on no one doing any research?

I think they rely on people just blindly believing media gods. I doubt they can get in trouble. And at worst it would probably be the pawn writer who published the story who just gets fired or something. Then business resumes as usual

im buying more today.

China bans bitcoin every two months.

Buy the fear

I was under the impression market manipulation was frowned upon? Is that not the case?

originally posted by: network dude
I was under the impression market manipulation was frowned upon? Is that not the case?

I thought it was China at first, but after a little investigation I realize it's ironically our own media companies manipulating the market. It's frowned upon by everyone except those who are doing the manipulating, and they so happen to own the news so they're pretty much invincible to litigation.

a reply to: Skada
What's even more devilish is when this happens:

- Price is between the natural sway, most of the times it's rising towards 3/4 the trading window.

- Suddenly, there is a sharp rise in price, many will sell to make profit, but many that already sold, will panic and buy it for a higher price to not be left behind, in case it will not drop below that soon.

- Then, watch the order books as everyone that fell for it, get's shorted into oblivion.

Now this article is from CNN:


www.cnn.com...

Beijing (CNN Business)China is intensifying its crackdown on cryptocurrencies.

Chinese government agencies including the country's securities regulator and the People's Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.
The agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet.
Bitcoin (XBT) fell about 5% on the news. Ethereum, another leading cryptocurrency, was down 9%.

The agencies said that China would develop "new systems" to counter risks posed by cryptocurrencies. China will gradually start shutting down crypto mining operations, and no new mining projects will be permitted, the National Development and Reform Commission said in a separate statement.
The announcements are the latest in a series of tough measures from China on cryptocurrencies.

originally posted by: ColoradoTemplar
Now this article is from CNN:


www.cnn.com...

If you look they only provide one link to a source in the article, and its just one of their old articles from May about crypto mining. It's like they're not even trying to hide the fact they are just sensationalizing at this point.

Don't worry about short term moves.

"Markets are irrational" applies to crypto as well.

a reply to: cooperton

China has already been fierce against crypto... So this story isn't that dramatic.

All markets have been volatile since the overall health of China's economy is in question.

Even if that wasn't the case though, bitcoin was due for a pullback. The crypto market goes through cycles and bitcoin was expected to have a sideways or bearish trend until December or January.

a reply to: ColoradoTemplar

China already essentially banned it... Maybe they're just enforcing it more now.


The timing isn't surprising though. Their real estate market is trouble right now. One of the largest companies, Evergrande, was in fears of defaulting. They hold 300bn in debt, and real estate makes up 30%~ of China's growing economy. Many citizens only have access to real estate to invest in, so crypto challenged that.

With the bubble seemingly popping, I'd imagine they want to force people's hand into real estate. Scaring them out of crypto seems in line with their goals.

I take these moments as a buying opportunity. But I’m looking years down the road for major gains eventually. I just tell people spend what you won’t miss on crypto. Most of my investments are in the traditional market, but why not have a side gamble? If you bought back in June/July you’re still sitting pretty right now on most coins.

a reply to: cooperton

Communist China just Eliminated Crypto's from their Economy . The CRASH Will Follow..................(





www.zerohedge.com...

a reply to: Zanti Misfit

This was already priced in. Announced months ago.

Like CS wrote, almost normal cycle. Expect prices to rise around Christmas, plus minus a week or two.

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