Wall Street Journal with the weekend’s report that “several anonymous crypto investors took advantage of insider knowledge of when tokens would go public.”
WSJ cites an example of an account amassing Gnosis coins and dumping them when Binance, 7 days later, said it would list the coin:
- The price of Gnosis rose sharply from around $300 to $410 in one hour
Four minutes after Binance’s announcement, the wallet began selling its stake, liquidating it entirely in just over four hours…making a profit of around $140,000 and a return of around 40%
Here is the link to the Journal for much more, closed but worth reading if you are interested.
Let’s hear from the technical analysts on this. Can the AT be used to recover money flows ahead of major announcements such as the one in the example above? Sounds like a use case for TA, doesn’t it?
Meanwhile, BTC update: