Crypto News | Bitcoin Price Manipulation Rumors

It’s the middle of the week, and after a couple of bearish days, everybody is talking about the Bitcoin price and its potential recovery. At $7,500 as of press time, Bitcoin price is up a bit over 5%. Earlier today, Bitcoin reached a four-day high at $7,560. CoinDesk’s analyst Omkar Godbole predicts that a convincing Bitcoin price break above the 10 day moving average (currently at $7,562) would confirm the anticipated bullish reversal, although it is too early to say with certainty. He predicts that a potential bullish market will run into its first hurdle at $7,930. Only a break above $9,990, the most recent BTC high, would give credence to the long-term bullish outlook.

According to Tanya Abrosimova of FXStreet, Bitcoin bulls are all holding their breath as Bitcoin price stays ‘rangebound’, locked inside a triangular formation. While the lower line seems stable at $7,400, only a sustainable movement above $7,500 and $7,683 immediately after could be interpreted as promising signs of recovery. It also seems that the stagnating Bitcoin price is affecting some of Bitcoin’s most vocal advocates. Although he refrained from calling out Bitcoin directly, Jimmy Wales warned about the dangers of overhyping the crypto industry, primarily the increasing number of scam projects. He went as far as to say that “Right now, we’re in a bubble… I don’t think there are many people who would deny that.”

Big articles about the market’s status

Talking about Bitcoin price, Forbes contributor Peter Tchir recently wrote an article titled “I Would Be Shocked If Bitcoin Prices Weren’t Manipulated”. The article was written in response to a series of reports that the Justice Department has started a criminal investigation into the potential Bitcoin price manipulation of BTC and other cryptocurrencies. Irrespective of whether it is all FUD or not, Tchir does make some valid points. He argues that, as these and other issues are being “exposed”, cryptocurrencies continue to lose support and drift lower. If their rate of adoption is slowing down due to all of the negative press, isn’t that a form of Bitcoin price manipulation, as well? Tchir argues that there are several reasons to believe that crypto prices are being manipulated. He cites the inherent lack of rules when it comes to cryptocurrencies, the fact that there are very large Bitcoin holders, the fact that miners always profit from prices going up, and the fact that there has been proven price manipulation on other, more regulated markets (he cites LIBOR and FX). As a response, let us consider the following. Isn’t it a bit strange that the prices of cryptocurrencies seem to be on a downwards spiral at the same time when we hear about mainstream financial institutions and Wall Street mainstays showing interest in cryptocurrencies on a weekly basis? How funny would it be if these companies used their power and influence, exerted through publications such as Forbes, to drive the prices of cryptocurrencies into the ground, only to come back later as “heroes” and “saviors”? Food for thought.

Bloomberg, another major publication focusing on business and market news, wrote a lengthy article on May 29, detailing how cryptocurrency attacks are on the rise, “becoming more of a headache.” The article mostly revolved around Bitcoin Gold’s 51 percent attack, which caused the major cryptocurrency to drop by 21 percent since May 18. Bitcoin Gold’s market cap fell well below $1 billion and is sitting around $748 million as of press time. Nevertheless, BTG may be showing signs of recovery, seeing as it is now up 2.7% over the last 24 hours. In the article, Bloomberg also referred to previous attacks on Electroneum, Verge, and Monacoin. According to Lex Sokolin of Autonomous Research, the attacks are relatively easy to pull off since some of the smaller coins have increased in value by several thousand percent, while the community and the infrastructure haven’t been able to keep up. With a small stable of miners and fragile infrastructure, 51 percent attacks seem inevitable at the moment.

These problems can be solved either by increased community involvement or hard forks (such as the one planned by Bitcoin Gold). Additional regulation is another solution, although much more unpopular. At the moment, that is what the United Kingdom’s Financial Conduct Authority is trying to do. On May 30, Citywire reported that the FCA is currently conducting 24 investigations into cryptocurrency businesses. Apparently, these “unauthorized enterprises” do not have the license to engage in regulated financial activities. While certain aspects of crypto usage fall under the authority of the FCA, it is still relatively unclear which. The FCA still has to reveal its views on cryptocurrencies, which should happen later this year.

Good news from China!

Although it may seem like we’re focusing only on Bitcoin price manipulation and other bleak stuff, there have actually been some outstandingly positive news over the past few days, as well. In China, which has been notoriously anti-crypto, President Xi Jinping expressed unreserved praise for blockchain technology during a May 28 speech at the Chinese Academy of Sciences. He talked about blockchain in the context of “an unprecedented period of intensive activity” when it comes to technological breakthroughs and a new generation of technologies driving innovation worldwide. He talked about “reshaping the global economic structure” on the back of a recent trend of acceptance and openness expressed by Chinese authorities.

Meanwhile in Europe, it would seem that Bitcoin is currently more stable than the Euro, in spite of all this talk of “plummeting” and “devaluation”. Since April, the Euro has dropped by 6% against the US dollar, while Bitcoin price is 7% higher compared to April 1 levels. The discrepancy was discovered by eToro’s Mati Greenspan, who said that he analyzed the data for fun more than anything, although he did encourage his followers to draw their own conclusions. It would seem that the Euro is struggling due to a recent storm in Italian politics, including a new reelection and the potential that a Eurosceptic (Paolo Savona) could become the country’s finance minister. See? We told you that it wasn’t just cryptocurrencies that can be volatile! Take that, nocoiners, and everyone else – happy trading!

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Author: Max Rothstein

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