15 billion flowed out of the market. Altcoins slashed by almost up to 50%. Bitcoin fell. Ethereum fell. You know what this means?
Opportunistic traders love to see a sea of red. It’s a sign to stock up on coins and hodl.
Discounting talks of conspiracy, I reckon that Monday’s sea of red was due to BTC fork coming at a time when ETH is showing signs of struggle against overwhelming load. Some ICOs made disappointing show at the exchange. Early adopters cashing out. Rich groups exploiting the unregulated market.
All these combined is recipe for an interesting cryptocurrency market soap opera.
I’m moving the funds over to BTC for now while the price is low. I think we might see it dip a little more but in the bigger scheme of things, it's still a more profitable maneuver.
In other news, I have just witnessed a pump scam, first hand. This guy calls himself Captain Pump has 14.9k people in his chat group and growing at an alarming rate.
At the end of the countdown, he reveals the secret coin for members to pump and dump. What he doesn’t tell you is that he has already pumped in before everyone did and when you start pumping in, that’s when he starts dumping.
Breakout Stake (BRX) was revealed as the secret coin, and eager folks with hopes of being overnight millionaire, bought in at an inflated price only to see the value of the coin plummet over a matter of minutes.
BRX listed as the biggest gainer at 729% at the time the tip came in. People bought in at $7.24 immediately saw it plunging down to $1.10. At the time of this recording, it has gone under a dollar. Much closer to the 30 cents that it was before the pump.
What just happened?
The tip came after the pump.
If you were in the private pump group, you would have made a killing. If you were in the public group, you have just been scammed.
Captain Pump makes millions every 2 days. BRX was his fourth attempt. I’m sure it won’t be the last.
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