Crypto analyst NoLimit has offered insights on the recent downward trend of Bitcoin, Ethereum, and Dogecoin prices, attributing it to potential market manipulation, highlighting that these cryptocurrencies saw gains only to reverse those gains completely.
In an X post, NoLimit pointed out that Bitcoin’s decline is influenced by Binance making purchases while Coinbase offloads a significant amount of BTC. This drop in Bitcoin has correspondingly affected the prices of Ethereum and Dogecoin, which often follow the lead of Bitcoin. Additionally, he raised concerns about possible manipulation of BTC prices.
Analyst Sheds Light on Bitcoin, Ethereum, and Dogecoin Price Trends
NoLimit highlighted unusual activity in the order books, specifically a substantial increase in Binance’s CVD that couldn’t be attributed to sudden retail investments in BTC. Conversely, he observed that Coinbase’s CVD decreased simultaneously, suggesting that the exchange was selling BTC, contributing to the decline in prices for Bitcoin, Ethereum, and Dogecoin.
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The analyst emphasized the rapid decline in Bitcoin’s price due to liquidity being removed, leading to a thin order book. He noted that while one exchange is experiencing aggressive buying, another is depleting its offerings. NoLimit remarked that this behavior is atypical and likely suggests coordinated activity, such as positioning, hedging, arbitrage, or outright manipulation.
NoLimit observed that the Bitcoin price reacted promptly to the alleged manipulation, initially falling, then rising to $94,000, before dropping again. This volatility also impacted Ethereum and Dogecoin prices. He claimed that a small group may be manipulating the market, which the majority may not recognize until it is too late.
He noted that when crypto exchanges significantly diverge in their net flows, it typically serves as a warning sign. NoLimit asserted that the groundwork for the next major move is being laid before wider public awareness. The analyst encouraged participants in the market to stay alert as exciting developments are on the horizon.
Another Analyst Voices Concerns Over Manipulation
Crypto commentator Vivek has also suggested that Bitcoin, Ethereum, and Dogecoin prices may currently be subject to manipulation. He pointed out that BTC fluctuated from $94,000 to $88,000 three times in recent days, resulting in the liquidation of over $200 million in both long and short positions. The analyst described this as a clear instance of market manipulation aimed at eliminating both leveraged longs and shorts.
Related Reading
Crypto expert Bull Theory recently accused Wall Street trading firm Jane Street of manipulating Bitcoin prices. This claim arose as the analyst noted that BTC, along with Ethereum and Dogecoin, frequently drops at the market open before recovering later. Bull Theory speculated that the firm might be manipulating the market to acquire assets at lower prices.
Featured image from Pngtree, chart from Tradingview.com
