Prices just randomly surged a bit ago however it might be related to BitMEX going offline. At least that is the speculation. However how would an exchange going offline rally prices across the board? This is something that floors me. We are about in that time rage when things start to pick up we saw 5,000 last year in September and then mooned like crazy after that till the new year.
Are we in the works for the next rally?
Im honestly thinking yes and that is because bitcoin no matter how much shit, trash and whatever the new throws at it it has remained above that $6,000 mark which is honestly outstanding return for 1 year. It feels like we hit a bottom the market is stable and its only going to take a little bit to rally this thing like mad again.
Are you ready for it?
Hate to be the pessimistic guy, but I think that there is a decent chance that it was just a rebound after we bottomed out $6,300. Also, I'm guessing that BitMEX going offline was just a coincidence (though I could be wrong about both).
You called it man. I thought that way too, but I’m always pessimistic :)
well said.
I agree, the BitMex news spread quickly but doubt that's what caused the move. If in fact we marked a bottom before September, we are up for a 🌜
Update: Starting to believe the BitMex pump, it's all over #cryptotwitter
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Looks like Whale manipulations in play to me, but we will see what happens
BitMex is mostly for the traders that use leverage to trade bitcoin which means ot makes the price more volatile. It is also one of the main exchanges traders use to short or bet against bitcoin so if it is offline the supply side of selling may be limit e which could create a demand imbalance and increase the price. This could destroy some short traders accounts as they could be squeezed out of their positions and lose a lot of money if it ia on margin.
Plus 100 million more Tether were put into the market at a time when, coincidentally Bitmex went off line. Whales are on it!!