I’ve been watching rigged markets for my entire career – to the point that it’s what I’m most well-known for (though hopefully, I’ll be one day remembered most for the “Hoffman Line” at a $100 billion Bitcoin market cap).  Starting with the commentaries I first published for GATA (Gold Anti-Trust Action Committee) in 2003, I have been publicly reporting on the manipulation of stock, bond, currency, commodity, and Precious Metal markets for 15 years – producing as much PROOF and ADMISSIONS as anecdotal and circumstantial evidence.  Heck, I wrote a 600-page gold and silver manipulation primer in 2011-12!  

So, when it comes to suspicious price action, NO ONE is more attuned to it – even if it’s not always obvious WHO is doing it, and HOW and WHY it’s being done. That said, legacy market manipulations are far easier to decipher than crypto, given how essentially all Central banks have the same motivations – with operatives in place for so long, they are in most cases public.  Like, for instance, the U.S. “President’s Working Group on Financial markets” – i.e., the PPT; the Fed; and the “Exchange Stabilization Fund.”

When it comes to Bitcoin, “manipulation” has a whole different meaning – given that no Central bank has a material position to sell…or even “hold over the market” like the U.S. Treasury’s supposed 8,133 tonnes of gold that hasn’t been audited for 60 years.  Frankly, I doubt ANY major Central bank has a Bitcoin reserve – and if they did, it would be too small to matter.  

Moreover, most nations have differing views of Bitcoin’s value – thus, there is NO WAY a collusion could occur…which again, is a moot point since no Central bank owns any Bitcoin.  Not only that, there is no mechanism for large-scale price suppression, like the huge, liquid, and opaque COMEX and LBMA criminal operations.  Also, the blockchain acts as a giant truth machine – so if someone attempted to suppress the price with “paper Bitcoin,” it would immediately be called out.  And oh yeah, since Bitcoin can be “settled” with the click of a mouse, anyone suspecting their Bitcoin was being “double-counted” could simply transfer it to their Trezor.

That said, the reason I wrote this article is because, for those following my Twitter feed, I have NEVER seen such a powerful, and BLATANT effort to suppress Bitcoin prices as has occurred at $6,500 over the past week.  WHY it is occurring, WHO is behind it, and HOW it is being done is impossible to determine - but anyone watching the criminal operation known as Bitfinex is well aware that it is unquestionably occurring.  Again, read my countless Tweets over the weekend – in which, I describe the play-by-play action in detail.

https://twitter.com/Andy_Hoffman_CG/status/1031196159694405632

The way I see it, this is far more about “technical resistance” than the “gurus” would have you think – particularly as I don’t see $6,500 being a particularly significant resistance level, if one were to take TA at face value.  And oh yeah, the doom porn peddlers have been decidedly WRONG about their bearish predictions since turning bearish AFTER the price crashed in December and January.

https://twitter.com/Andy_Hoffman_CG/status/1030448445062955008

Rather, I see it as a powerful – but as yet, unsuccessful – attempt by SOMEONE to hold prices down, for FEAR of something I cannot determine. 

https://twitter.com/Andy_Hoffman_CG/status/1031302911379165186

Is it simply a big short worried about a breakout?  Doubtful, as the mechanisms to short Bitcoin are not liquid enough to accommodate limitless defense of such a position – which irrespective, would undoubtedly be “called out” by other market participants if attempted.  That said, could it be a government, trying to dissuade investors?  Unlikely, as no government has a Bitcoin reserve to sell, or the means to carry out such an operation – let alone, as many other governments would likely oppose it.

So, the answer to my question of what is going on is, unfortunately, I DON’T KNOW.  However, what I do know is that many powerful entities oppose Bitcoin – and given the record short position, many others would be blown up by a Bitcoin breakout.  Either way, powerful “crypto wars” are occurring – in the markets and media – as Bitcoin moves along its path of monetary destiny.  

Whether the who, how, and why become more evident in the coming months is uncertain.  However, what I do know is that the forces of Bitcoin’s historically bullish fundamentals cannot be stopped, no matter who or what opposes them.