We used to do barting down, now we are barting up with a perfect one starting in a big green candle to above $10,000 to end with a big red candle to where it began, $9,500.
So bringing back what we love so much. Mr Troll Street and his many bitcoin bart swings.
Mr Trolly here loves 4PM London time. That makes it waking up time for Los Angeles and the whole west coast, just about sleepy time for Shanghai, and the ‘finally off from work time’ in Moscow.
Meaning trolly boy wants us to think these west-coast Americans and some Canadians just had their coffee and their newspaper and decided to dump it.
Except we’re a bit smarter than to be so simplistic in thinking. The culprit here is instead perhaps our old friend, Mr Wall Street.
They love 4PM London time for some reason, with the UTC time shown above now one hour behind London time.
They love it for obvious reasons. That being 4PM London time is kind of peak internet time or peak global time.
Europe is about to leave work, the east coast is about to have launch, the west one is having breakfast, Asia is thinking about going to sleep, while Moscow and the like is just starting their vodka.
So everyone is up at more than any other time. And so we have this circa 2,000 BTC market sell to give them a bit of a show just in case they were bored.
And of course to make the most amount of money by say shorting on CME futures, dumping on exchanges, and pocketing the shorts.
Dumping the BTC that was bought the day before, after maybe longing on CME futures or any other futures that tracks spot prices.
Making this far too lovely of an exercise in market manipulation by Wall Street specifically because 4PM has another special significance there. Wall Street’s CME says:
“Bitcoin Reference Rate (BRR). BRR is a daily reference rate of the U.S. dollar price of one bitcoin as of 4 p.m. London time.
Each day, the BRR aggregates the trade flow of major bitcoin spot exchanges during a specific one-hour calculation window. This one-hour window is then partitioned into 12, five-minute intervals, where the BRR is calculated as the equally-weighted average of the volume-weighted medians of all 12 partitions.
This BRR calculation ensures tradability and replicability in the underlying spot markets.”
We can see above the obvious manipulation occurred just before 4PM. What’s more, the entire ‘sell off’ was in precisely five minutes.
Obviously if someone or some group has so much money, then presumably they are smart enough to guess someone like us might blame Wall Street and so act as if it would have something to do with CME.
Yet this does raise the question of why are these sort of futures even legal when their primary or most useful purpose is clearly price manipulation.
There are no futures on stocks on CME for example, at least not during trading hours, because why on earth would you trade futures instead of the asset itself?
Futures were designed to lock in the price for an asset that did not yet exist but was very likely to exist in the future.
Hence trade and value was exchanged in the present to lock in the price of production in the future with clear risks taken here by both sides as a dry season might lead to not enough coffee beans for example, or there’s a good season, with price higher or lower in the future depending on generally predictable but not fully predictable future events.
There you have clear value in this instrument, but bankers captured the Commodities Futures Trading Commission (CFTC) to ‘persuade’ it to allow them to bet through this instrument not on actually delivered produce, but also quite artificially in just guessing the future price without any value whatsoever added.
But with value taken away because we see the bart and it is quite obvious what he is doing. He is stealing literally from the savings or the risk taking of ordinary Americans and global citizens for he is cheating in the full sense of the word.
For an asset like bitcoin there is no reason whatever for these futures. You can buy it at the current price and sell it whenever as the asset exists. It is not something that is to be produced and therefore you need futures for it.
So what purpose do such futures serve except manipulation? Shorting, would be one Jamie Dimon would point out, but that’s called margins where you borrow the actual asset and so have some supply and demand constrains of either up or down.
Shorting through no base at all is instead naked shorting, which is illegal in many jurisdictions for obvious reasons as you’re basically fabricating the asset.
You can’t naked long either, unless you’re the fed or a banker where you can just print money and so buy assets, and therefore you shouldn’t be able to naked short with the purpose of these futures being no more than to allow both.
Hence the bart, which to their annoyance is having no ‘ideological’ effect but only the ‘vulgar’ effect of outright theft, as the bart in an asset like bitcoin can’t stand in the way of its direction because the physical delivery of bitcoin is both a very easy thing and far more importantly it’s something that doesn’t require these bankers to sit in the middle of delivering supply to demand as they do in gold or libor or stocks or many other assets.
The price of bitcoin is not set by them. Therefore their futures games are more matrix glitches that let all know of the presence of thieving manipulators.
As such, is it the ‘and then you win‘ stage yet? Has the mighty wall street been checkmated by one genius Nakamoto? Someone perhaps once one of them. Maybe the aristocrat that as often it happens in history, sees the better ways of the new rising generation.
Title: Did Wall Street Crash Bitcoin?
Sourced From: cryptonewmedia.press/2020/06/02/did-wall-street-crash-bitcoin/
Published Date: 2020 06 02