Bitcoin is doing Pump & Dump before the US Election results are finalized

[philipma1957]

There is no reasonable explanation as to why Bitcoin is flying high to $15,600 without referring to the US Elections.

Once Biden will be declared a winner via winning PA or GA or NV and AZ - this would change everything.

Probably Saturday, November 7 - is the day to sell your BTC.

If you hold BTC - best if you convert it to Tether (USDT) now and HODL coz BTC is going to dive so deep into the $9k territory once the US Election results are clear.

Why would that thing happen? I don't get it on why people relate the pump and dump on us election while Bitcoin is not relying on US economy? Maybe there are certain groups spreading some dude about it and maybe best not to listen on them. And if the dip would really came then it's time for us to buy and hodl for a pump.

 bitcoin is a small asset well under 300 billion value.

Gold for instance is more than 2 trillion in value.


What does this mean?  It means moving the price of the asset is less costly than moving the price of gold.

Here in the USA different companies stand to lose if Biden wins and different companies stand to lose if Trump wins.

So If you are a big oil company or coal company that may lose billions in case of a Biden victory how do you hedge.

hmm gold, silver, platinum, palladium they work hmm lets buy some BTC.  The company hedges some profit into all this items.


Okay other side of the coin you are a big solar company you stand to lose if Trump wins what do you do?

hmm gold, silver, platinum, palladium and some BTC.

Since the total values of all the metals are far bigger then the total value of BTC. they move upwards but slower than BTC.

This will continue until the election is finally settled in December by the supreme court.

It is no more complicated than this.

Other then a lot of people are hedging with BTC beside oil and solar.

[stomachgrowls]

I am long term for Bitcoin, there is no need to sell mine for this kind of reason.
It may affect the price of Bitcoin, but we can't say it is totally 100% the reason. I am seeing a price correction probably, because of this run of Bitcoin on having a price increase of around $1,000 for just a day.

In addition, on times i do read up with these kind of speculation i do say:



We can connect all the dots but sometimes it doesnt really make sense but we do have our own point though.

[Febo]

If you hold BTC - best if you convert it to Tether (USDT) now and HODL coz BTC is going to dive so deep into the $9k territory once the US Election results are clear.

Traders do that. Holders simply relax and do nothing. It worked for them for years and will work in the next couple of years. As a trader yes you can double your Bitcoins, but you can also have them.  Remember that Chinese president announcing that whoever call Bitcoin a fraud will be put in prison. Bitcoin went up 20%. few weeks latter he said he meant blockchain and not Bitcoin and price went down 20%. Both was totally unpredictable and  any trader could be on the bad side of the trade. So losing 20% and 20% of your Bitcoins. No thank you!

[virasog]

There is no reasonable explanation as to why Bitcoin is flying high to $15,600 without referring to the US Elections.

To be honest I don't want to associate the presidential election in the US, with the current rise in Bitcoin, Bitcoin is not only traded in the US, almost in all countries, that election in the US, by chance.

There are several reasons I think Bitcoin is moving this week.
1. Halved has spent the past 6 months which happened in May 2020, maybe it's time for Bitcoin to show itself.
2. There is one coin that is listed on one of the well-known exchanges, which has been removed, namely INMAX (INX), with the transactions of billions of assets that have been withdrawn by investors and traders, maybe all of these assets have been invested in Bitcoin.

For now that comes to my mind, this is my logical prediction, and I don't believe Bitcoin is going up as an election factor in the US.

This is the most strange reason of bitcoin pump i have ever come across. How can a single coin have so much impact when its total market cap is only $4,200 USD ? Bitcoin will never pump or dump because of any altcoin and this INX has the Rank 2286 in coinmarketcap. 

[hatshepsut93]

There is no reasonable explanation as to why Bitcoin is flying high to $15,600 without referring to the US Elections.

Here's a reasonable explanation - institutional investors are FOMOing, based on previously established momentum from bullish news like PayPal adoption and Microstrategy and other companies using it as reserve asset. Stocks and traditional markets aren't doing well, so institutional investors decided to look for alternative options, and Bitcoin happened to be bullish, so now it's even more bullish. The US election explanation actually doesn't make sense, because Trump or Biden - it changes nothing, they both don't care about Bitcoin and aren't going to ban it or support it.

[Fortify]

Pump 'n' Dump is a rather emotive term for what is happening and not really true. During times of economic uncertainty, like the US elections, a lot of money will be flowing around as asset managers try to diversify money into different assets. If they thought gambling companies might be effected by Biden becoming president, then they start selling stocks in gambling companies and look for another asset that can hold their money in the short term. The natural definition of a pump'n'dump is a malicious act that misrepresents the value of an asset in order to drive up the price, after which people who own a lot of it dump for a profit. However the price of Bitcoin is currently a side effect of money getting reallocated or placed into a holding type facility. There is also an element of FOMO taking place, where a lot of hype actually ends up snowballing the price higher and higher.

[kapalmabur]

The history of the Bitcoin price when the US Election was held there was indeed a pump and dump,
many whales tried to manipulate the market, yeah since the election of Obama and Trump, the Bitcoin price went up,
if Biden wins, I think the Bitcoin price will also go up again, and that's for sure

[Noctis Connor]

There is no reasonable explanation as to why Bitcoin is flying high to $15,600 without referring to the US Elections.

Once Biden will be declared a winner via winning PA or GA or NV and AZ - this would change everything.

Probably Saturday, November 7 - is the day to sell your BTC.

If you hold BTC - best if you convert it to Tether (USDT) now and HODL coz BTC is going to dive so deep into the $9k territory once the US Election results are clear.

I see a lot of supporter of Joe Biden and supporting him via donation's of cyrptocurrencies some of them are sending funds for his campaign, no one knows if it will be a there's a chance for a good pump or impact for bitcoin when the election is done, however if someone will introduce this kind of currencies and will be known for all citizen that live on U.S coz not everyone is using bitcoins, and some people still believed that crypto currency is still "SCAM"

[Ryker1]

Well, this perhaps not is related, but someone just placed a 5 million dollar bet for trump in the election.
It only means that the U.S Presidency election is very influential with the decisions of the people in the community of Bitcoin. But for me, after this election, the Bitcoin would increase no matter what would be the result. People love to play win and lose games. But still, -- in the end, they will still give their yeses. That applies to bitcoin. People will buy bitcoin no matter what the results will be.

[pixie85]

Saying that it will dump to 9000 because of the election just stupid and proves that OP has no idea what makes or breaks bitcoin uptrends.

Uptrend did not start because of the election and the price held steady at 11 thousand for months before it went up and before the presidential campaigns launched. US presidents had nothing to do with the uptrend that  took us from 10 thousand in September to 11 thousand in October. The whole world trades bitcoin not only US citizens.

Bitcoin oftn goes up more than it should because of FOMO. We went from 11 to 14 thousand following Paypal news and beyond that because of FOMO so there's a chance we'll go back there to retest it.

The rule is that strong resistance turns into strong support after being broken so even going to back to 10 will prove to be hard and not very likely to happen.

[exstasie]

bitcoin is a small asset well under 300 billion value.

Gold for instance is more than 2 trillion in value.

What does this mean?  It means moving the price of the asset is less costly than moving the price of gold.

In fact, I think this emphasis on market capitalization causes people to underestimate how easy it is to pump BTC. If Bitcoin has a 6.67x smaller market cap than gold, people assume it must be 6.67x easier to pump, right? But actually, its historical gains compared to gold are exponentially bigger than that. It's not market cap that dictates price. It's supply and market depth.

And during a bubble, everyone collectively pulls their asks from the book and refuses to sell. That's a phenomenon that market cap can't really address at all.

The US election explanation actually doesn't make sense, because Trump or Biden - it changes nothing, they both don't care about Bitcoin and aren't going to ban it or support it.

The Trump administration cared enough that the FATF (which is just a US puppet organization) rolled out crypto regulations last year. I think there is an argument to be made (I remember theymos touched on it a while back) that Democrats are more likely to tightly regulate and try to control crypto than Republicans. Neither are "good" for crypto though, certainly.

[FIFA worldcup]

The history of the Bitcoin price when the US Election was held there was indeed a pump and dump,
many whales tried to manipulate the market, yeah since the election of Obama and Trump, the Bitcoin price went up,
if Biden wins, I think the Bitcoin price will also go up again, and that's for sure

Biden has won but the bitcoin prices fall to 500$ till now. It still holding the 15K support but if its broken it may fall freely to 14K.
Why is the bitcoin price not going up after Biden win or perhaps he have to wait more.

[adaseb]

The history of the Bitcoin price when the US Election was held there was indeed a pump and dump,
many whales tried to manipulate the market, yeah since the election of Obama and Trump, the Bitcoin price went up,
if Biden wins, I think the Bitcoin price will also go up again, and that's for sure

Biden has won but the bitcoin prices fall to 500$ till now. It still holding the 15K support but if its broken it may fall freely to 14K.
Why is the bitcoin price not going up after Biden win or perhaps he have to wait more.

How you checked the charts today? It already broke the $15K support and went down to $14.3K or so. In a span of 6 hours it made a huge $1000 move. Now it could be related to Biden winning or just a coincidence. Most likely 99% chance that Biden would win anyways so I don't think this has a large effect really unlike last Tuesday.

I think the reason why we lost $1000 in a short span is most likely due to over-leverage longs are usually. We kept climbing for the past couple of weeks and all was well, we had negative funding or flat funding. But a few hours ago we started to get positive funding and this explains the massive crash we just had. Most likely its the bottom of the dip and we should break $16K next.

[LogitechMouse]

There is no reasonable explanation as to why Bitcoin is flying high to $15,600 without referring to the US Elections.

Once Biden will be declared a winner via winning PA or GA or NV and AZ - this would change everything.

Probably Saturday, November 7 - is the day to sell your BTC.

If you hold BTC - best if you convert it to Tether (USDT) now and HODL coz BTC is going to dive so deep into the $9k territory once the US Election results are clear.

What you said did happen .
It already changed everything. The price of Bitcoin went down like you said.

After all, it is already expected that Biden's victory will make the market go down or at least consolidate. You said that November 7th is the day to sell our Bitcoins. For short term traders yes but for long term ones, I don't think that they will do it. Like me, they have a much higher target.

There is no reasonable explanation why Bitcoin is flying high? I can answer that in just one word.
Emotions .

[justdimin]

I disagree that it was related to elections all that much, I mean it was definitely related in some ways but it wasn't "directly" the same thing, because let's be honest the stance of Biden and Trump on bitcoin are not really that different, there should be nothing that changes what is happening with either of them being president, so why would it go up when the results are declared or go down when one particular candidate wins?

However there is always something going on when there is this type of big election and that is just how things are, even if we are talking about small affects it would definitely change things, just not this much. I would attribute the first initial small increase to elections but I wouldn't say all this insane increase was due to elections, only small portion of it.

[ReiMomo]

Jut says, congrats to Biden a new administration of leadership.

Just nope my friend. Been here for a long time. That's not how the game runs here. You have to know that Bitcoin doesn't rely upon with the U.S and will never be.

The election has really had an effect, yes. But it would only be fractional. You guys don't need to overthink that way. The only thing that will affect bitcoin is the extinction of humanity. So don't you worry. The moment is already there, we just need to support it.

[exstasie]

I think the reason why we lost $1000 in a short span is most likely due to over-leverage longs are usually. We kept climbing for the past couple of weeks and all was well, we had negative funding or flat funding. But a few hours ago we started to get positive funding and this explains the massive crash we just had. Most likely its the bottom of the dip and we should break $16K next.

I don't think a few hours of positive funding explains it. In fact, we can see funding was flat at 0.01% for days until yesterday's dump happened. Then the rate spiked near 0.06%. To me that indicates Bitmex was following spot (not the other way around) and that Bitmex traders were heavily buying the dip on leverage, not the top.

https://coinalyze.net/bitcoin/usd/bitmex/funding-rate-chart/btcusd_perp_fr/

The Fear & Greed index hit 88 yesterday, now at 82 after that dip. I wonder how high it can go before a more significant correction.

https://alternative.me/crypto/fear-and-greed-index/

[crwth]

I'm not sure how you would correlate the US Election directly to the price of BTC. As you can see, Joe Biden had tweeted this

I don’t have Bitcoin, and I’ll never ask you to send me any.

But if you want to chip in to help make Donald Trump a one-term President, you can do that here:

It seems that he knows it exists but probably not in his top priority list as before. He seems to have yet to show what kind of side he will be with BTC. For now, we can rest assured that it's not, however, in danger of anything, but for other government officials, that might be a different story.

[STT]

Theres no momentum to the down side to be calling for price to push past 200 day average.  Its fairly unlikely to occur this year, it could develop and then occur next Jan or Feb but I wouldnt figure on it just yet and so far we just have expectations very bullish upwards and it takes time to snuff out the candle of optimism before a bigger move down.

into the $9k territory

12k is 50 day average and nearby 11500 is about the recent range down, that would be a normal reset type situation and then some will speculate upwards again.    9000 would be the lows of May this year which is a heck of a bigger reset, like pushing a balloon under water it takes some energy to be moving price beyond its natural levels.    I'd just say it takes time or alot of energy, take the benchmark of the virus unfolding Feb into March and that was a fast move as it had an uptrend break and suddenly free fall; capitulation basically.

[Wind_FURY]

There is no reasonable explanation as to why Bitcoin is flying high to $15,600 without referring to the US Elections.

Once Biden will be declared a winner via winning PA or GA or NV and AZ - this would change everything.

Probably Saturday, November 7 - is the day to sell your BTC.

If you hold BTC - best if you convert it to Tether (USDT) now and HODL coz BTC is going to dive so deep into the $9k territory once the US Election results are clear.

Why would that thing happen? I don't get it on why people relate the pump and dump on us election while Bitcoin is not relying on US economy? Maybe there are certain groups spreading some dude about it and maybe best not to listen on them. And if the dip would really came then it's time for us to buy and hodl for a pump.

 bitcoin is a small asset well under 300 billion value.

Gold for instance is more than 2 trillion in value.


What does this mean?  It means moving the price of the asset is less costly than moving the price of gold.

Here in the USA different companies stand to lose if Biden wins and different companies stand to lose if Trump wins.

So If you are a big oil company or coal company that may lose billions in case of a Biden victory how do you hedge.

hmm gold, silver, platinum, palladium they work hmm lets buy some BTC.  The company hedges some profit into all this items.


Okay other side of the coin you are a big solar company you stand to lose if Trump wins what do you do?

hmm gold, silver, platinum, palladium and some BTC.

Since the total values of all the metals are far bigger then the total value of BTC. they move upwards but slower than BTC.

This will continue until the election is finally settled in December by the supreme court.

It is no more complicated than this.

Other then a lot of people are hedging with BTC beside oil and solar.

But knowlng all that, shouldn't that supposed to be priced in by now? The markets move upwards or downwards because there's information that's not reflected in the price yet.