Nowadays bitcoin market cap is
155Bln, and was more a few weeks ago
400Mln represents
0.26% of it
It didn't has much impact on the price
That is simple and effective mathematic logic...
not that simple. A sudden influx of 400mln causes many weak hands to fold, which increases the amount. This effect keeps on perpetuating itself, dragging the price down.
bitcoin is know for is high volatility, it is usual for it to do +/- 5% moves in less than one hour. We see this several times in a day
let's say bitcoin is at
9500$ and drop
0.26%, this represent
25$now bitcoin would be at
9475$this has almost no effect on the price
If spoofy has this kind of amount who knows what he could do with the price of bitcoin.
bitcoin market cap is more than the double of PayPal (155Bln VS 70Bln)
spoofy never manipulated "the price of bitcoin", he was simply doing wash trades on bitfinex that was affecting the spread for a few minutes/seconds
bitcoin is simply extremely hard to manipulate. It is an excuse of the past, a buzzword, a word to blame another instead of assuming your own bad trading strategy
that is why it is said a million times that Market Capitalization is not something you should even look at because it is a wrong and misleading number. specially when it comes to comparison. but unfortunately nobody listens.
about rises and drops, the amount and market cap do not matter. what matters is how that amount is dumped on the market and how the order books are looking at the time of that dump.
for example if you have 100,000
BTC and dump it all at once on one exchange, let say Coinbase, the price in Coinbase will drop hard. i don't have an account there to check this but lets assume it will drop to $1000, in which case market does not even react to this. because it was instantaneous and only in one exchange. i said Coinbase because it has happened before. price dropped to less than $10 last year and nothing happened in the whole market.
not lets assume that 100,000
BTC is dumped on all major exchanges. that is a different story. if it can bring the price down 10% in each exchange it can cause a bigger drop specially if it is not a sudden dump but a slow unloading to keep pushing it down. something like the first time price was pushed below $10k 3-4 weeks ago.