Bitcoin Price Pumpers Fear Legal Action – Altcoins Gain Again?

That Bitcoin prices have been consistently pumped is no secret. There was a time when there were almost no other cryptocurrencies, besides BTC. This was the time when crypto markets were equated to Bitcoin. Crypto space was nothing more than a narrow group of tech minds. The question of legality in the cryptocurrency sector, was given no importance.

Quick jump to the cryptocurrency of today - trillions of dollars involved, thousands of cryptocurrencies – a growing base of crypto investors from all walks of life. Interestingly those big crypto ‘pundits’ who unabashedly manipulated BTC prices, continued to do so. The current scenario has made it necessary to define legal parameters that, would oversee cryptocurrency operations.

It is now just a matter of time before, big Bitcoin players would be closely scrutinized. We are in no way implying that, crypto price pumping is limited to Bitcoin but, the dollar value effect of that is quite obviously massive, when it comes to BTC. While crypto robbery and scamming will surely, invite special clauses in the legislation – Bitcoin is very likely to be the immediate center of focus.

Crypto media channels that, willfully predict jumbo sized prices for leading cryptocurrencies like #XRP #Bitcoin and #ETH – are normally paid by big BTC investors. No doubt that these paid posts have misled, thousands of innocent crypto investors. Predicting Bitcoin prices that, are 10, 20, or even 50 times more than current BTC prices, these posts have in the past managed to generate mass market trends. 

An unpleasant event in April-May 2021, shook the confidence of loyal Bitcoin investors. That was the breaking point, but it did trigger a positive effect. Cryptocurrency investors stopped blindly following what the ‘big’ players hyped about. They started making their own evaluation and buy/sell decisions. Proof of this is in the fact that, many subsequent attempts to blatantly pump BTC failed.

Very believable rumors now emerge about authorities planning to, take action against various malpractices in the cryptocurrency sector. Interestingly many comments point to action against BTC price pumpers. A thorough investigation would reveal the, people who actually finance such price pumping. Financers are undoubtedly a small group of big volume Bitcoin investors. The scene at that point could turn critical as, scrutiny for crypto tax evasion and money laundering would inevitably set in. 

And presuming that such legal action does begin, it would be quite clear that #Altcoins could gain a higher level of attention. This would fit in with our long standing contention that, crypto markets should reflect a significant portion of #Altcoin trade with, #Bitcoin claiming a much smaller share.

Visible that the same #Bitcoin pumpers today Tweet more frequently, about #XRP and a handful of other #Altcoins. Using the right words and explanation are being given importance – no one really relishes legal wrangles.

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GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token. 

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.

 

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