SUDDEN, SIGNIFICANT PRICE INCREASE “RAISES EYEBROWS”
by Contributor
(Dec. 23, 2018) — The cryptocurrency market has gotten a reputation for being a growing ground for pump and dump schemes and other scam operations, and it seems like it’s been hit with yet another one.
This time, it’s Bitcoin Cash (BCH), the fourth-biggest cryptocurrency based on market cap, that’s being targeted.
Over the last couple of days, BCH has switched from a bear trend that has spanned for more than 12 months to an incredible jump that saw the asset trade at a 50 percent increase on the leading cryptocurrency tracker CoinMarketCap.com.
Bitcoin Cash’s Unprecedented Bull Run
As we all know by now, the cryptocurrency market has been struggling over the past 12 months, and any price increase of more than 5 percent sends warning signals across the industry. So when Bitcoin Cash took off and surged by more than 50 percent in less than 24 hours, many eyebrows were raised.
In fact, even though the rest of the market was performing better than we’ve gotten used to at the time, a 50 percent increase was more than enough to start spreading rumors of a planned pump and dump scheme. To add to the suspicion, Bitcoin Cash is still rallying far above average despite the fact that the rest of the market has experienced a mild correction.
So far nothing has been confirmed, and the only evidence of something strange going on was the unprecedented price increase. However, if we look back at similar events in the past, there is really no reason to believe that Bitcoin Cash’s latest surge wasn’t a manipulation performed by one or several major bulls.
All things considered, the development seems to have been a last desperate attempt to make up for the extended losses that most cryptocurrency investors have experienced this year before we enter a new trading year.
Who Was Behind The Pump and Dump?
Due to the lack of evidence, it’s hard to pinpoint exactly who was responsible for this malicious attack. That being said, we can assume that it was at least one if not several investors with a lot of available funds looking to make a quick buck.
Unfortunately, we will probably never know who was in charge of this pump and dump scheme, or even if it actually was one. That seems to usually be the case and is something that has been reported on in detail by BullMarketz.com. It is almost impossible to figure out without inside information.
What we do know is that it is not the last attempt on the cryptocurrency market and until proper regulation and enforcement is in place, we can expect to see similar events unfold in the future.