The Least Surprising Study In The World Has Shown Cryptocurrency Prices Are Being Manipulated By Bots
The crypto market has become remarkably stable in recent weeks.
Here’s how things are standing early on Wednesday afternoon.
- Bitcoin (BTC): $6513.00 (down .1% in the past week)
- Ether (ETH): $222.30 (up 2.2% in the past week)
- Ripple (XRP): $.5294 (down 2.1% in the past week)
- Bitcoin Cash (BCH): $517.45 (up 6.55% in the past week)
- EOS: $5.60 (up 1.55% in the past week)
- Litecoin (LTC): $58.25 (up .2% in the past week)
- Monero (XMR): $114.05 (down 1.5% in the past week)
- IOTA: $.5515 (down 2.4% in the past week)
- Tron (TRX): $.0217 (up 1% in the past week)
The World’s Least Shocking Study Has Revealed Bitcoin Is Being Manipulated By Bots
Bitcoin has had more mood swings that a typical 14-year-old, and according to The Wall Street Journal, there’s one culprit that’s had a major impact on the market: bots.
It’s not exactly a surprise that some unscrupulous traders have come up with algorithms for their own gain but the problem may be bigger than known if Coinlist president Andy Bromberg is to be believed.
He told the outlet there are countless bots out there that have managed to have a more than sizable impact on the prices of coins across the board— but not everyone thinks they’re a bad thing.
A trader named Kjetil Eilersten developed a program with the aim of helping smaller traders take on the behemoths who pump-and-dump and have an even greater impact when it comes to price swings.
The article helps highlight how much of a Wild West the market currently is and hints the SEC may be the sheriff needed to sort things out.
A New Company Will Let You Earn Interest On Cryptocurrencies
I write these roundups under the assumption most people reading them are at a net loss when it comes to their crypto portfolio.
If you’re HODLing but still want to make a little bit of money back there’s a new company that might be able to help you out.
According to MarketWatch, Compound has created a block-chain based money market account that allows you to lend out the inactive coins in your wallet to active traders and potentially make some money back in the process.
CEO Robert Leshner outlined his vision, saying:
“Blockchain assets are novel and exciting, but they lack the most fundamental financial infrastructure—efficient interest rates.
Over time, hundreds of trillions of dollars of assets will be tokenized, but the institutions that deploy them will require the usefulness of traditional financial markets—today’s launch is just the first step.”
He predicts users could see up to a 10% annual return. It might not be the biggest windfall in the world but at least it’s something.
How Much Bitcoin Do You Need To (Kind Of) Be In The 1%?
Over the past few weeks, we’ve taken a look at income disparity in the United States and have shined some light on the ridiculous amount you need to make to be considered part of the hallowed (or hated) “One Percent.”
There’s a very small chance you’re part of that club, but if you want to be able to brag about being part of another then you might be able to in the form of Bitcoin.
Sure, you’re probably not one of the Bitcoin whales who control 55% of the Bitcoin on the market but that’s not the only 1% threshold in existence.
According to CCN, there’s a fun little technicality you can exploit to become a member thanks to Steve Lee, a former director at Google.
Lee says that anyone who holds at least .28 Bitcoin (around $1,380) can consider themselves part of The 1% when compared to everyone else in the world.
Here’s the reasoning:
Based on the estimate that the supply of Bitcoin is around 17 million, only 0.8 percent of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.
It might not mean much, but if you’re at or past that threshold, you’ve got that going for you which is nice.