This Bullshit aint the work of an aggregate market.
This is just a few players with the power to defy all time learned principles of market mechanics, in order to deprive the maximum of unsuspecting punters of their USD and Bitcoins, but mostly USD.
This market is fucked.
This is also known as the Efficient Market Hypothesis.
Actually, I'd say that this is the exact OPPOSITE of an Efficient Market. In an efficient market, news and events are equally available to all and all factors are priced int at any given point in time. Bitcoin is an inefficient market. Information is asymmetrical. There are market makers and bigger players who can manipulate or at least influence prices.
We don't have equal and symmetrical information about the ASSET, even, as there are no 10K's or 10Q's. Prices are not based on underlying fundamentals such as earnings or revenues.
Spaceman_Spiff says:
If it is manipulated far below "fair value", buy BTC, if it is manipulated far above "fair value" sell BTC. The End. Simple.
This is EXACTLY right. It's the only way to be involved. You better have some method of figuring out what the "fair value" is to you. Personally, I do it based on money supply. I've made some estimates of usage and velocity for the year 2020, then I discount it back to present value (at a pretty aggressive discount rate, I might add, because there is a lot of risk). I buy if it's below and sell if it's above. I should add that bitcoin has a tendency to overcorrect massively, so I buy when I think bitcoin is about 30% BELOW vuduchyld's "fair value" and I sell when I think it's 30% above.
Oh, and finally, you have to realize this is a speculation, not an investment. Use the appropriate piece of your portfolio reserved for high-risk and hopefully high-reward plays.