It was 2017 when Bitcoin hit its highest price point, $19k. We might add here that the crypto has never again, come close to that price. The entire crypto industry was built with Bitcoin in mind, overnight millionaires, sky high BTC price predictions and the stories go on.
A couple of years later in November 2019, two gentlemen from two respected universities in the United States made a startling disclosure. After scrutinizing mounds of trading data, the duo came to the conclusion that the $19k price of Bitcoin was achieved by manipulating trade patterns.
It is no secret that crypto laws are in an infancy, the legality of crypto price manipulation is still fuzzy. Having said that, the crypto industry least expected its star and motivational force to be part of such a controversy.
Back to Bitcoin pricing after it peaked at $19k in 2017 and ended the year at around $14k. BTC prices kept slipping all through 2018 and the King Of Cryptos, scraped through the year end at a paltry price of $3.7k. Needless to say that it beat all expectations – this is in a stunningly negative way.
By the time that the disclosure of Bitcoin price manipulation came in, the crypto had built a formidable following. Not just crypto pundits but high profile personalities and even some members in the U.S Administration, showered praises on BTC. Interestingly none of these avid BTC admirers mentioned anything, about the disclosure related to price manipulation. This was as confusing as it was disappointing.
Glitzkoin CEO and second generation diamond veteran Navneet Goenka, had an interesting opinion about the Bitcoin price manipulation issue. In his words, ‘… the data analysis done by the 2 academicians is very likely to be true. Crypto exchange trading data can be analyzed extremely accurately these days. We are given to believe that the BTC high of $19k was achieved by price manipulation. The interesting thing is that the low of $3.7k in December 2018, could also be a result of manipulation. This to allow an influential investor to buy Bitcoin at ridiculously low prices’.
The entire price manipulation episode related to Bitcoin is being underplayed by crypto media, the stakes are extremely high. Crypto media ultimately survive on paid advertising and paid editorials to survive. It is in their own interest to echo the voice of their clients – nothing more and nothing less.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.