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July 28, 2011, 01:30:51 AM |
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Step 1: Have a lot of USD and a lot of BTC - market price at $13.90 Step 2: Place an ask order for $150k BTC at $14.25 - build an ask wall Step 3: Sell $100k worth of BTC - break the bid wall Step 4: Hope for a sell-off Step 5: buy them back cheaper!
Pretty clear there's some big players now (as opposed to the early days). It now takes $100k to move the market (used to take $10k).
When the market is bearish and thin, its easier to manipulate down (spark panic selling). When the market is thin and bullish, easier to manipulate up (spark panic buying).
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