Bitcoin prices spiked to $ 6,900 when BitMEX turned offline.

Frances_McGlothlin

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Quote from: Kemarit on August 22, 2018, 02:51:13 PM

Quote from: jseverson on August 22, 2018, 04:44:47 AM

Here's a more detailed account of what exactly went down:

https://itradeico.com/2018/08/possible-manipulation-bitmex-goes-down-exactly-after-tether-moved-to-bitfinex-bitcoin-gains-500-in-30-minutes/17634

All I can really say is that what happened is definitely fishy, but all we can really do is speculate. This is one of those moments where you kind of wish the crypto markets were regulated just so people can't get away with pulling stuff like this. And of course Tether just had to be involved lmao.

Exactly, and this is another reason why we won't get that elusive ETF's, because the market is really prone to manipulation and speculation. We all smell that someone from behind is really pulling strings to move the market whichever directions they want and its very fraudulent. Coincidence or not, its very shady as hell. And another problem is that we really don't have any names of those manipulators because we all know that address doesn't have any names so all we can do is speculate.

Why is it that Tether is always involved in these things? It's just another channel to push vast amounts of money through, but was it made in order to easier do things like this?

Right after BTCUSD shorts reached an all time high as well. This was clearly a stop and rinse as they tried to clean out all of the stop losses parked just $300-500 above the price. Foolish place to have stop loss anyway, but still a dirty move.

Yeah unfortunately this is just another bad sign that won't go over well for institutional investors.

domasal

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So basically if someone managed to find a way to bring bitmex permanently offline then bitcoin would be able to rise organically without whale manipulation. I wonder if that will bring hackers into action, especially those that want their bitcoins to rise in value

odolvlobo

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Quote from: mk4 on August 22, 2018, 02:13:10 AM

There was a tweet that says that Bitfinex did something fishy and took advantage of BitMEX's downtime. No comment from me for now. Couldn't confirm if the tweet is legit as Bitfinexed's Twitter is private. Thoughts?

The fact that the price rose on Bitfinex (as well as other exchanges) does not indicate involvement by the exchange itself, as claimed by that tweet.

LeGaulois

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Quote from: mk4 on August 22, 2018, 02:13:10 AM

There was a tweet that says that Bitfinex did something fishy and took advantage of BitMEX's downtime. No comment from me for now. Couldn't confirm if the tweet is legit as Bitfinexed's Twitter is private. Thoughts?

https://scontent.fmnl9-1.fna.fbcdn.net/v/t1.0-9/39821293_10216574590627867_2022087804300820480_n.jpg?_nc_cat=0&oh=38b8d2b7726423a3bd0588629c4dd158&oe=5C0A1C83

Quote from: talkbitcoin on August 22, 2018, 04:56:34 AM

Bitfinexed twitter seems more like a trolling tweeter to me to be honest. so my first thought is that the person behind it just tried taking advantage of a situation and spread some trolling.

Nah. It's not a Twitter handle with only 36k followers that can take advantage of such situations. You have to know him to know it"s his style to communicate and behind what he suffered previously there is nothing wrong.
The tweet posted by @mjglqw totally fit his style

As for the topic, usually, the Bitcoin market is doing the opposite, in this case, if someone could turn off the light for all the exchanges, expect one, maybe we could see an ATH again LOL

Kemarit

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Quote from: jseverson on August 22, 2018, 04:44:47 AM

Here's a more detailed account of what exactly went down:

https://itradeico.com/2018/08/possible-manipulation-bitmex-goes-down-exactly-after-tether-moved-to-bitfinex-bitcoin-gains-500-in-30-minutes/17634

All I can really say is that what happened is definitely fishy, but all we can really do is speculate. This is one of those moments where you kind of wish the crypto markets were regulated just so people can't get away with pulling stuff like this. And of course Tether just had to be involved lmao.

Exactly, and this is another reason why we won't get that elusive ETF's, because the market is really prone to manipulation and speculation. We all smell that someone from behind is really pulling strings to move the market whichever directions they want and its very fraudulent. Coincidence or not, its very shady as hell. And another problem is that we really don't have any names of those manipulators because we all know that address doesn't have any names so all we can do is speculate.

mk4

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Quote from: Marbelli on August 22, 2018, 07:12:57 AM

maybe we do not need bitmex? I'm serious if it pulls the market down why is it needed?

If BitMEX didn't exist then people will short/sell on other sites instead. The market price is going down because people are selling; I don't see how this is BitMEX's fault. Blaming the exchange because people are using it to sell is foolish.

Marbelli

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maybe we do not need bitmex? I'm serious if it pulls the market down why is it needed?

12tribes

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Whatever has happened in my opinion is far from coincidence and mere chances. Why was the surge by $300 not witnessed before the BitMEX maintenance? why was then a fall approximately the time they resumed again? What is this pointing to? There are some folks with the capacity to manipulate prices who are doing something fishy. sooner than later we shall all get to the root.

olgafox0404

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bitcoin has many other opportunities for growth and bitcoin will grow no matter what. We are all with you in anticipation of a new big leap up.

charlotte04

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Quote from: ZedBinh on August 22, 2018, 01:44:50 AM

Bitcoin prices jumped on Wednesday morning, rising nearly $ 300 in less than a minute to break out of the barriers of recent days.

It happened exactly at 1:00 UTC, when the BTC rose from $ 6,466 to $ 6,745 in a one-minute candle on Bitfinex and bitcoin prices continued to rise thereafter, rising above $ 6,800 and peaking at $ 6,899. USD before returning to its present value of $ 6,716 (2:15 p.m).

The special thing here is that this happened near the time of BitMEX - an electronic money trading platform that processed billions of dollars worth of daily deals - offline for periodic maintenance. Therefore, this phenomenon may not be permanent.

At the time of writing, BitMEX had begun to restore the service, although it had not reactivated the transaction service. Therefore, it is possible that this sudden price increase will last until noon.

Maybe people really wants to make Bitcoin's price soar, but as you can see Bitmex doesn't want it to happen because of the people shorting it and manipulating it.

bitbunnny

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Quote from: btc_angela on August 22, 2018, 02:30:41 AM

So obviously there's manipulation from behind. And I was quite surprise to see the price spike to $6700 now and I wonder what's the reason. We have been trading sideways for the last couple of weeks and I thought that this is a break out run.

. For sure day traders have taken advantage of the situation, but I wouldn't be surprise if the price goes to $6400-$6500 again because this is just artificial pump.

Currently the price is around 6600$ so slight downfall is visible. But I haven't expected that the price will remain at 6900$ or even go higher.
It was quite obvious that this was just temporary increase that will not last. But let's see how the situation will develope in the upcoming period.

ubercool

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Quote from: MNDan on August 22, 2018, 06:20:36 AM

It is interesting for me why the $300 jump up is discussed more than recent days $1,000 jump that we had when bitcoin had reached $8,500 anyway we're waiting more from it.

Because there is an ETF Approval/Denial was coming, I personally knew that it will be a denial and the manipulation is easy to see and will affect future ETF denials.

MNDan

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It is interesting for me why the $300 jump up is discussed more than recent days $1,000 jump that we had when bitcoin had reached $8,500 anyway we're waiting more from it.

CryptoGosu

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This was known in advance. I think those who wanted could withdraw money from the fund. It is not surprising that someone took advantage of the fact that Bitmex did not work at this time.

Red-Apple

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Quote from: Retty on August 22, 2018, 05:05:44 AM

It is absolute price manipulation without doubt.

See the amount of shorts that were stacked at an all time high? then as soon as Bitmex goes down for maintenance-BOOM!

You can do all the TA and charting that you want, there is absolutely nothing you can do in cases like this. Not helpful at all for the future of crypto seeing this sort of manipulation and blatant robbery.

Just my opinion BTW.

if anything this proves that manipulation exists and it is currently happening on Bitmex through shorts and as soon as they go away, manipulation go away with them also.

i also disagree that saying TA and charts do nothing. it is very helpful because manipulation doesn't have full control over the market. it only is one of many forces.

Ibizugbe1

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Nothing can be further than the truth. BitMEX has been longed suspected to be behind bitcoin price manipulation. As this happens today and bitcoin surges up, no need no oracle to telling us further what the shitty deal.

Retty

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It is absolute price manipulation without doubt.

See the amount of shorts that were stacked at an all time high? then as soon as Bitmex goes down for maintenance-BOOM!

You can do all the TA and charting that you want, there is absolutely nothing you can do in cases like this. Not helpful at all for the future of crypto seeing this sort of manipulation and blatant robbery.

Just my opinion BTW.

talkbitcoin

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Quote from: mk4 on August 22, 2018, 02:13:10 AM

There was a tweet that says that Bitfinex did something fishy and took advantage of BitMEX's downtime. No comment from me for now. Couldn't confirm if the tweet is legit as Bitfinexed's Twitter is private. Thoughts?

Bitfinexed twitter seems more like a trolling tweeter to me to be honest. so my first thought is that the person behind it just tried taking advantage of a situation and spread some trolling.

however it is possible that something was going on in the background although if you look at other exchanges they were also having the same reaction. and rises like this is not really a big deal it was a small 6% rise and it may have happened because price broke above $6.5k which bots were watching and considering as a "resistance"!!

jseverson

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Here's a more detailed account of what exactly went down:

https://itradeico.com/2018/08/possible-manipulation-bitmex-goes-down-exactly-after-tether-moved-to-bitfinex-bitcoin-gains-500-in-30-minutes/17634

All I can really say is that what happened is definitely fishy, but all we can really do is speculate. This is one of those moments where you kind of wish the crypto markets were regulated just so people can't get away with pulling stuff like this. And of course Tether just had to be involved lmao.

xuzukami

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Bitcoin prices jumped on Wednesday morning, rising nearly $ 300 in less than a minute to break out of the barriers of recent days. It happened exactly at 1:00 UTC, when the BTC rose from $ 6,466 to $ 6,745 in a one-minute candle on Bitfinex and bitcoin prices continued to rise thereafter, rising above $ 6,800 and peaking at $ 6,899. USD before returning to its present value of $ 6,716 (2:15 p.m).

Topic: Bitcoin prices spiked to $ 6,900 when BitMEX turned offline. (Read 288 times)