Talk to anyone who has heard about Bitcoin and they are very likely to remind you that, the price of the coin had peaked at almost $20,000 in 2017. Yes it did fall to less than $4,000 when ending 2018 but, the previous high keeps crypto traders motivated.
Two gentlemen from the academic field now claim that, the price of Bitcoin was actually manipulated during that period to push it to a high. Interestingly the violently volatile crypto has never again come near the $20,000 mark.
Professor John Griffin from the University of Texas and Amin Shams Assistant Professor from the Ohio State University, analyzed mounds of BTC trading data from that eventful period. They discovered an interesting pattern, one that revealed a huge volume of Bitcoin trade happening from a single user or entity.
When a study was made between the transactions made by this ‘single user’, the pattern followed for trade volume, price etc were identical in practically all aspects. And when contrasting this information against BTC trade conducted by ‘other’ traders, the glaring difference was obvious.
Navneet Goenka CEO Glitzkoin is not surprised with this finding, ‘… I am not entirely surprised. I have doubted and often mentioned in my LinkedIn posts and other platforms that, a tiny group of Bicoin users work in close coordination to control BTC price’.
So what effect will this clear revelation about Bitcoin price manipulation, have on BTC price estimates in the near and distant future? It is probably too early to say that, but so far none. Bitcoin is patronized and supported by some very high profile millionaires and billionaires – it is close to invincible. Manipulation by a single or closely networked group will continue. The entire crypto market will continue to dance to the BTC beat.
GLITZKOIN: 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.