Are Bitcoin holders keeping the price of Ethereum artificially down? That's the claim some are making.
Posts on reddit point to signs of an automated script running and making sells slightly below the market price.
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| Suspicious Ethereum selloffs. |
Many bots are smart and try to trick other bots and traders by putting out limit orders at the bid and ask price but when a small amount of these orders are bought or sold, the bots then roll the limit orders back to try profit from a larger then initially appears spread between the bid and ask prices. Think of it like fishing with the initial limit orders as bait and the roll back as reeling in profit.
Others think the explanation is more sinister, another user "Nickyro" says:
This is done to induces a psychological habituation that Eth will dump when BTC dump and Eth will not rise when BTC pump. ...I really think there is a currency war going on
It's hard to say what the truth is - that's why it's a conspiracy theory, for now.
If deliberate, whoever's behind it is doing this at a loss. But if that person is heavily invested in Bitcoin, the motive to making sure it has no real rival is obvious.
Read the full thread on Reddit and decide for yourself.
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Author: Ross Davis
San Francisco News Desk
