Crypto market has been very volatile nowadays, not knowing if the bull wants to run again or just bear trapping the bulls. If you are a newbie in crypto, watching your portfolio from time to time is a NO, NO, you'll have heart attack.
Yesterday, probably night time on our time zone crypto market was on pump and dump. It's funny how it happens in a span of few hours only. I wasn't even able to sell the amount of BCH I plan to sell to fund my upcoming birthday.
MicroStrategy Bought BTC again
The CEO of MicroStrategy who is Michael Saylor announced that they bought another Bitcoin worth almost $243 million.
The purchased of 5,050 BTC is amounting $242.9 million with an average price of $48,099 per coin.
As of September 12, 2021 the total stashed of MicroStrategy in BTC is 114, 042 Bitcoins that is worth $3.16 billion, with an average $27, 713 per Bitcoin.
Source: Bitcoin.com
After the news was released Bitcoin price spikes from $44k level to $46k+ level in just an hour, then dump hard as well after reaching $46,880 down yo $43, 370 all happen in a short span of time.
BCH PUMP AS WELL
Some of major coins pump as well like BCH from $600 level yo $661.30 then also dragged by BTC when it dumps back up to $591.4 per BCH. It was so sudden like a joke pump.
LTC FAKE NEWS PARTNERSHIP WITH WALMART
Litecoin official twitter account tweeted that they'll going to have partnership with Walmart that was released by Globenewswire. The tweet said that Walmart will accept crypto payments which is $LTC.
Then LTC had massive pump from $180+ level to $240 per coin, it was funny because Walmart denied the partnership and bring down LTC back to $180+ level again. The tweet was also deleted by Litecoin causing many traders who bought the news got rekt.
Source: cnbc.com
I got stuck-up trade with CAKE/USDT pair
While I on the other hand got stuck-up trade with CAKE/USDT pair in Stormgain, during the massive dump cake price drops to $18.75+ while my buying price was $19.51 I had -$6 good thing it didn't drop to my stop loss which is $16 or else the trade will be closed already.
As of now the trade is not yet close, but it's already in green. Hopefully at least if will reached $20-21 lol.
I am not closing yet as the 4hr Stochastic RSI is changing it's trend, I think I still have the chance to gain a little bit. But I know my weak hands ability I cannot hold it for long and I am always fvcked up right after I close position the coin will go to the moon. It's like it's only waiting for me to sell just like Wojak on Bogdanoff call meme lol.
Closing Thoughts
This is why Margin trading is a risky game in crypto because it's very volatile in just a short span in time you'll win big time and you'll lose big time as well.
Before you jump in trading with leverage, always DYOR wanmilyon times, monitor your trade and be alert. Also read some crypto news for updates as it will reflect on price because some are buying and selling news..
This seems like a bull trap as many opened long position while some bears are just waiting to short at $46-47k level in BTC. As we all know BTC is dominating the crypto market when it has massive pump and dump, mostly altcoins will be dragged.
Pump and dump scheme in crypto nowadays is normal, caused by whales.
Thank you for reading!
Note: Original content unless revamp, sources are indicated for further details.
Date Published: September 14, 2021
It's a very volatile market, I'm still learning how to trade, I almost always get stuck, I take it as a learning experience, relax and wait for it to go up at any moment. I only invest the minimum for the moment