Bitcoin Diamond (BCD), one of the several Bitcoin hard forks, has been involved in a pump and dump scheme in Kucoin exchange. Kucoin is one of the few exchanges that offers BTC/BCD pairs. On January the 13th Bitcoin Diamond spiked to unexpected levels. In just a few minutes, this fork of Bitcoin multiplied 40x on Kucoin. It even arrived at $800 dollars when it was normally traded around $30 dollars.
Bitcoin Diamond Spike – Pump and Dump?
Several cryptocurrencies have had their amazing days or weeks in which their price rises even up to hundred percent. But what happened in Kucoin exchange with Bitcoin Diamond is a clear strategy to profit from it.
But first, let’s understand what’s Bitcoin Diamond and why it has decided to fork from the original Bitcoin network.
The official statement from EVEY team reads as follows:
“Bitcoin Diamond is a fork of Bitcoin that occurs at the predetermined height of block 495,886. Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on the original features of BTC.”
Different users in Reddit and in Twitter were surprised about this surge. “What in the world is happening with Bitcoin Diamond on Kucoin right now? It is up 2000% as of this post. This is insanity,” wrote JYsocial.
Kucoin had to warn their users that these kind of situations are not normal.
Today Bitcoin Diamond (BCD) hade a HUGE spike on Kucoin, we just want to remind all our users and people investing in Cryptocurrency to invest rationally and manage your investments with control.
— KUCOIN (@kucoincom) January 13, 2018
At the moment, there are different groups in discord and telegram that are trying to profit with pump and dumps. In these groups they debate which cryptocurrency will be pumped and at which time. These users that are able to gather more members to the group, have ‘exclusive’ information about these market manipulations. The situation with Bitcoin Diamond may be one of these decisions to profit from these actions.
In the last months we have experienced the surge of different alt-coins. For example, TRON, Stellar or RailBlocks. Most of these currencies have registered an incredible, unexpected and incredible surge.
Tron moved from $0.03 dollars per coin, up to $0.28. Now it is being traded around $0.05 dollars. This is one of the cases in which the cryptocurrency does not have a strong support for the increase in its price.
Stellar and RailBlocks have been skyrocketing as well, but the correction of these currencies was moderated. If we compare these two coins with Bitcoin or Litecoin, we see that they follow a similar pattern after the surge.
Bitcoin Cash, another Bitcoin hard fork, has been involved in a pump and dump scheme. Coinbase and GDAX have decided to list Bitcoin Cash. The cryptocurrency climbed up to $4,000 dollars before being listed and after it, it plummeted to previous levels. In this occasion, the company behind GDAX has been accused of insider trading.
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Tags:Alt-CoinsBCDBCD BitcoinBCD PriceBitcoin CashBitcoin DiamondBitcoin Diamond Pump and DumpBitcoin ForkGDAXhard forkKuCoinLitecoinMarket ManipulationRailBlocksStellarTron