Hi
I saw todays dip and then read that a whale von Bitstamp sold about 3600 coins at once and tanked the price down to 6200 for a short period of time. Now it stabilized at around 7200 USD.
Why do these people do this? Are they just morons?
If they would sell their coins within a period of 3-4 days they could probably get close to 8000 USD for every single BTC ...
No theyre not morons theyre smart traders who know how to manipulate the market to make profits for themselves. In this scenario lets assume he brought bitcoins at $3100 levels, and sold them at $7.5k levels now do the math and see for yourself the profits he got. Its pertinent to note that no one can know for certain whether bitcoin prices will rise or take a dump, hence hes justified in making that trade.