I’ve been thinking about this very question for sometime now, most especially after I came across a thread(can’t specifically remember which board I saw the thread, but I tried searching an didn’t find it) where the op talked about how some big whales use some sort of techniques to create barriers for bitcoin price allowing them to accumulate more until the price of bitcoin reaches their desired price, then they allow it move freely again, just with the case of it moving smoothly from 90k+ to 100k+.
Well, as much as I know that, the price of bitcoin is determined by supply and demand, I also had to see some reasons with that threads op as to the possibility of some people(whales) being able to manipulate these supply and demand and judging from how the price of bitcoin could easily be affected by a tweet from President Donald Trump, has given rise to some sort of curiosity in me to ask and know if truly that some group of people can actually determine the price of bitcoin by altering the demand and supply of the coin?
N/B:. We’re all here to learn and as such everyone is free to bring in their knowledge as I would be in the thread to learn because I’m really curious to know these.
Thanks
I think the right word to use here is "manipulate" and not "control." This is because the word "control" contradicts the concept of decentralization which Bitcoin stands for. Remember, no single entity can control Bitcoin or its price. They can only manipulate the market using the power of demand and supply. They are the big guys in the system; large purchases or sales of Bitcoin can influence the market greatly.
I am also not going to ignore the influence some international public figures can have on Bitcoin. The "Trump effect" is still very fresh in our minds. Trump can actually use it to his advantage for some reasons. People believe in him, and the market will definitely react if he takes any action or says anything relating to Bitcoin.
You are not wrong about OP using the word ''control'' instead of ''manipulate'' because the difference between control and manipulate is that control talks more about being in charge of something authoritatively while manipulate means to control something in a kind of crafty or cunning way. The whales in the market have a way they manipulate the market secretly to their own favor because they are the major investors, their actions affect the price both positively and negatively. Talking about Trumps effects in the market, it can only affect the price of bitcoin for a while, but it can't last for a long period of time.