Il Capo di Crypto in this statement highlights the dynamics of the crypto market which is often very volatile and easily influenced by external factors and manipulative actions. To expand the explanation, we can see his statement from several perspectives:
1. Pump and Dump (P&D) and Market Manipulation:
Pump and Dump is a phenomenon where the price of an asset, especially altcoins with low liquidity, is rapidly increased (pump) only to be sold quickly by the perpetrators who orchestrated the scenario, causing the price to fall again (dump). The perpetrators who usually engage in P&D often use perpetual contracts (continuous contracts that do not have an expiration date) and spoofing (where market participants place large orders with the intention of canceling them before they are executed) to encourage other traders to buy, driving the price up. In this context, Il Capo warns that the price movement seen yesterday was influenced by such manipulative practices, which seek to trap people near resistance levels.