Bitcoin Diamond Pumps Again: 106% Price Surge in Five Minutes

Bitcoin Diamond appears to be in the midst of its third pump and dump this month after its value just jumped by 106% within the space of five minutes.

At 4.30pm UTC, just thirty minutes ago at the time of writing, BCD coins jumped from a price of $2.27 to $4.69. The surge was accompanied by a sudden boost to the daily volume of just under $1 million – all of which came between 4.30pm and 4.34pm.

In the few moments that it has taken me to write this far, the price has since dropped back down to $4.12, leaving the coin on 81% gains. The question now becomes whether or not enough people buy into the coin to push its value up enough for the dump to take place. Recent Bitcoin Diamond pumps have occurred over several days, as well as over several hours.

Third Pump This Month

Indeed, this is the third pump that BCD has experienced in the month of July. The first one on July 7th was the biggest thus far, with volumes surging by $10 million at the time of the pump. The second one, just a few days ago, saw a likely profit of around $2-3 million for the market manipulators.

bitcoin diamond

This time the volume is much lower, but could still prove ‘successful’ if enough gullible traders decide to climb on board the gravy train. One would assume that after recent events everyone would be steering clear of BCD, so the next few hours or days will reveal a lot about the mentality of the average trader on the exchanges.

For the sake of market legitimacy (a noble but far-fetched ideal, I know) it would be nice to see the market shun Bitcoin Diamond’s movements completely, and leave the pumpers holding coins with less value than when they started.

Broad Price Range

Looking at BCD’s exchange activity reveals a scattering of disparate prices spread across multiple platforms. The Huobi price on the BCD/BTC trading pair sees Bitcoin Diamond at a value of $8.96. The same trading pair on Binance meanwhile is priced at just under double that value at $16.86.

Moving down the exchanges, a $500,000 trading volume on OKEx against USDT lists BCD coins at $2.09 a piece. From there the valuation fluctuates between $1.35 and $16.93. Coinmarketcap indicates that all of the values around the sixteen dollar range have not been counted in the statistics.

From a bipartisan viewpoint, it will be interesting to see if the pumpers can really hit a trifecta within the space of two weeks. Grab the popcorn and stay tuned.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.