Bitcoin breakout plus bitcoin cash pump
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Plus- Bitcoin Cash Pump?
In the largely unregulated environment of cryptocurrency trading, however, bold and daring pump and dump groups of anywhere from 2, traders are slowly brewing. Pump and dump schemes are some of the oldest tricks in the playbook of stock market scammers. In its simplest incarnation, a pump and dump scheme involves an investor or group of investors promoting a stock they own and then selling as soon as the price rises as the result of the endorsement.
The details of each pump and dump scheme tend to differ but the basic principle is that they all involve an attempt to shift supply and demand. In the crypto world, these pump and dump groups operate on a simple ethos: Pump and dump schemes tend to work best on small- and micro-cap stocks, and this bitcoin breakout plus bitcoin cash pump is not lost on these crypto pump groups as they mostly target little-known altcoins.
The modus operandi of these schemes is quite thorough and ingenious: They then look for obscure coins and set a price target. The leaders provide specific instructions to members including the exact time a pump bitcoin breakout plus bitcoin cash pump occur, the exchange and how the pump signal will be provided images are mostly preferred over text to counter bots.
The information provided can be pretty pedantic and include details such as 'target' inflation price. A flurry of reminders and inspiring messages are sent to members as the event draws closer to get the troops ready.
Further, members are expected to promote the coin on various social media channels in order to create enough buzz. Once the leader sends the signal, members flock to the chosen exchange and engage in a furious buying spree. Almost inevitably, the price spikes due to the bitcoin breakout plus bitcoin cash pump buying volumes.
The members are instructed to hold until the desired price target is achieved, usually within minutes, before offloading their coins, again en masse. The gains, though nothing like the percent-plus advertised by group leaders, can be spectacular. The chart above depicts trading activity for Genesis Vision, a little known 7-month-old Russia-based altcoin that took place an exchange known as Binance over a hour period from January 13, to January 14, Anyone who sold at the peak potentially earned a nice Not bad at all for five minutes of work.
The group launched a similar offensive on another bitcoin breakout plus bitcoin cash pump altcoin, Bancor, about a week later and managed to push the price up Crypto pump groups operate on a hierarchy, with the highest ranking 'Top Promoters' receiving the pump signal a full 3.
A trader using trading bots can profit from a couple milliseconds advantage, let alone a full 3. The rest of lower-ranking members are probably left playing a game known in behavioral finance as get-back-itis: By using this site you agree to the DisclaimerPrivacy and Cookie Policy. Trump Scraps The Iran Deal.
In the past several months,…. Unregulated Crypto Markets In the crypto world, these pump and dump groups operate on a simple ethos: CoinMarketCap The gains, though nothing like the percent-plus advertised by group leaders, can be spectacular.
Click to enlarge Source: By Alex Kimani for Safehaven. China Goes Long On Gold. Safehaven Markets Commodities Energy Cryptocurrencies.