Wall Street is enormously large. The New York Stock Exchange alone has trillions in assets listed and does hundreds of billions of dollars of daily volume. That’s just one exchange of the wall street. BAKKT’s entry into cryptocurrency is a gargantuan moment as the exchange behind BAKKT: ICE (The Intercontinental Exchange) controls more than 20 different exchanges, clearing houses and marketing services. Bakkt is launching their futures in January starting only with Bitcoin. Other cryptocurrencies will be listed from time to time.
Wall Street Manipulates Markets
Every traders and investor know that price manipulation, fraud, lies, and deception is the business model of the wall street. Every so often, we keeping getting the glimpse of this reality. Only a few weeks ago, a JP Morgan metal traders pleaded guilty to commodities fraud, conspiracy to commit wire fraud, spoofing and price manipulation. So where did this metal trader get all of these different ideas and directives and how did he learn how to manipulate the metal markets? Well, he was taught how to do this by senior JP Morgan traders and his supervisors.
The Bitcoin Market
If we don’t think that the same thing is happening in the bitcoin market or that it won’t continue to happen then we are crazy. Analysts predict that the CME Bitcoin Futures are already being used to manipulate the price of bitcoin. And as Exchange Traded Products (ETF) increases, price manipulation is simply going to go hand in hand.
How manipulation is playing a big hand in the current market?
Why would wall street want to buy in at super high prices before rolling out the carpet for their big money buddies to come and join the party. Of course, they want little prices. Was it a coincidence that BAKKT Futures were delayed right as the market started to take a dive? Now, these institutions can come in and buy bitcoin at cheap only weeks or months before offering their Exchange Traded Products.
The yesterday’s price rise is being predicted to be just a dead cat bounce. Analysts are predicting that the market is going to crash again very soon until it reaches the next significant support around $3000 or even down to $2500 where the big institutional players will enter the market to buy at cheap until the market spikes up again.
Wall Street is about the got on the cryptocurrency train. Is it going to be good? Or will it ruin the markets? What do you think? Tell us in the comments section below.