Bloomberg Accuse Kraken Of Market Manipulation, But Are They Alone?
Powerhouse Cryptocurrency exchange Kraken has brought to light an issue that has disturbingly been occurring right beneath our eyes since the crypto market really began to gain publicity early 2017. The issue may come as no shock to many, but to the majority of the general public, this is a shockwave of what truly controls the wild waves that occur in your cryptocurrency portfolio and more commonly, inside your Blockfolio 'virtual' holdings. Kraken openly stated that a 'poorly-written' Bloomberg article, claiming Kraken was responsible for suspicious Tether trading activity was nothing but a sheepish bounce off the reports of bad journalism and other false articles. In the eyes of Kraken, the roles are actually reversed and it's Bloomberg who is stirring the pot of rumours to manipulate the market lower for their own personal benefit. Whilst it's easier to point the finger at Kraken and blame them for the market turmoil caused by illegitimate Tether activity, let's point the finger at all parties involved in both price suppression and price increase.
Kraken isn't only the exchange to be responsible for the unethical use of the supposed USD-backed cryptocurrency USDT, in fact, it's every other exchange offering the token as a secure store of value that's playing along with the same twisted game of cryptocurrency monopoly. Tether is artificial fiat, there's no doubt about it, I've covered how it's issued in many articles over the past few months so we're already aware of how Bitfinex, in particular, was responsible for Bitcoins magnificent surge to $20,000 back in 2017, not surprisingly they have been very quiet indeed during the finger-pointing game that has unfolded. It would be unfair not to blame the others, however, because Tether USDT's questionable authenticity and use-case combined with 90% of exchanges fabricating their order books with Tether-backed buys & sells occurring in the thousands paints a pretty big picture of how false-information purposely publicised to traders aids in the directional bias both retail traders & corporate figures indulging in the multi-millions choose where to allocate their money.
But what happens when there are more forces at play than just exchanges? What many do not realise is that right now we are in a war, a war of price suppression and greed dictated by not just exchanges, but the mainstream media also, entities you wouldn't necessarily consider to be at the forefront of such an organisational crime if you are not experienced in the financial world. As Kraken stated when they backfired at the claims made by Bloomberg, the powerhouse have their own agenda to focus on and that's keeping Bitcoin as low as possible and ideally lower than the current prices for not only their own financial gain but also their shareholders and closely interlinked peers. You may be asking how on earth could they achieve this? By leveraging the highly speculative nature of this market, combined with Tether manipulation aiding price volatility, then using the sheer power of mainstream media broadcasting and influence to capture the already-wounded investors to believe whatever may be published regarding the cryptocurrency market. It's a lot easier to manipulate an entire nation or global scale of humans when they're clinging onto desperate measures of hope and with the current price fall of the cryptocurrency market becoming rather chaotic, anything remotely insinuating the death of the cryptocurrency market is coming will force those with emotional ties to their investments to flee and cut short any more pain of losses to come.
The mainstream media know more than anybody that the cryptocurrency is going to explode through the roof eventually because they will be the biggest influencer behind the surge when it happens. I don't need to go into all of the reasons why it won't die, because quite frankly all it takes is a look around you at all of the new projects and developments launching to show you we are probably not even at the ground level yet. One example I will use is Coinbase's latest venture - 'Coinbase Custody'. Here is a summary from the official announcement article:
"Coinbase Custody’s mission is to make digital currency investment accessible to every eligible financial institution and hedge fund in the world. We’ll achieve this by striving to become the most trusted and easiest-to-use crypto custody service available. Coinbase Custody is a combination of Coinbase’s battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program."
With developments like this, it's promising to see that not only is the Cryptocurrency market going absolutely nowhere but higher as we progress over time, but also the enlightening factor that with Coinbase allowing easier access for institutional capital to freely litter the exchanges and allow larger liquidity, it will not be long before exchanges and Tether no longer has the capability to impact price as heavily, allowing more speculative volatility to come from humans and emotional directional bias based on technical analysis and research.