FTX manipulated the Bitcoin price while Loom FOMO sends coin 700% higher in few weeks

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Last Updated on 6 November 2023 by CryptoTips.eu

While the rest of the crypto coins are barely moving and even seem quite negative due to Caroline Ellison’s stories about how FTX manipulated the Bitcoin price in 2021, there is still an altcoin that seems very bullish. Although we must make a comment about this. The more than 700% growth of ‘Loom’, the digital currency of the network of the same name, could well be an old-fashioned ‘pump and dump’. So be careful before you participate in FOMO (fear of missing out).

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Bitcoin price manipulation

As we reported earlier this week, the testimony of Caroline Ellison, the former Alameda CEO and Sam Bankman-Fried’s ex, has been quite explosive so far. For example, she stated that SBF wanted to become president of the United States and had planned to ask Saudi Arabia for money when the price of FTT collapsed.

At the end of the working week an additional detail was revealed. Caroline claimed during her testimony that a handwritten note was proof that FTX manipulated the Bitcoin price in 2021 by selling Bitcoin above $20k every time it could, because Sam knew the price could only go higher that year.

FTX made a lot of money this way (but still continued to operate at a loss, according to Caroline). However, some commentators are convinced that that the price of Bitcoin would not have reached the target level of \$100,000 in 2021 because of this action by FTX.

Analysts at this point agree that Bitcoin and Ether would benefit from an early termination of the FTX process, so that the focus of the cryptosphere will return to the major coins. Unfortunately, the FTX trial will take at least a few more weeks.

Loom FOMO

Within the top 100 on CoinMarketCap there is a coin that is making big leaps. Loom, the digital currency of the Loom network, has risen more than 500% in recent weeks.

The Loom network wants to connect the world of gaming to that of crypto and given that Microsoft (which was finally allowed to acquire the gaming company Activision Blizzard earlier this week) wanted to integrate a crypto wallet into games, a potentially winning strategy.

Loom Network is available at Bybit.

However, according to the usually well-informed account of Wu Blockchain, more than 50% of the trading took place from Upbit, the South Korean crypto platform where ‘pump and dump’ operations are often initiated. So be careful before you venture into this coin.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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