Bitcoin Today: Bots manipulating the price
Price
Bitcoin did not manage to hold the 6600 height, broke the trend line and returned to the 6450 level. The fall denies the possibility of soon recovery to the 7000 level and establishes a current support level at 6450. Return above 6500 will signal that local fall tendency is over and open 6600 and 6800 resistance level, a movement below will open 6350 and 6250 levels for testing. For now, the market picture tends more to bearish state.
Today forecast
Trading in the 6300 - 6600 zone.
Latest news
Bitcoin did not manage to hold the 6600 height, broke the trend line and returned to the 6450 level. The fall denies the possibility of soon recovery to the 7000 level and establishes a current support level at 6450. Return above 6500 will signal that local fall tendency is over and open 6600 and 6800 resistance level, a movement below will open 6350 and 6250 levels for testing. For now, the market picture tends more to bearish state.
Today forecast
Trading in the 6300 - 6600 zone.
Latest news
- Bitcoin Price Manipulation Report
Recently Wall Street Journal released an in-depth article on how the price of Bitcoin is manipulated by automated trading systems (Bots Are Manipulating Price of Bitcoin in ‘Wild West of Crypto’). The article caused a loud resonance and allegedly partly responsible for the recent fall.
The main point of article mirrored in the citation:
“In crypto, the critical difference is the lack of oversight. While established markets like the New York Stock Exchange monitor for illegal trading and punish rule-breakers, crypto exchanges vary widely in their surveillance efforts. Most crypto exchanges are regulated lightly, if at all. The result is that crypto bots can be used to execute abusive strategies on an industrial scale.” - WSJ
Bitcoin market manipulations were the main concern lately for the Office of New York attorney general and even for SEC, named the main reason for ETF denials. The main concern is that manipulation goes against the stated purpose of Bitcoin as a replacement of fiat currencies.
To solve this situation, a team of the largest crypto companies has formed a consortium to act as a regulator. However, since it won’t have any legal backing, the organization will likely have no power to enforce.
Another negative headline was that MGT Capital Investments was sued over a pump and dump scheme. This is the firm founded by John McCaffe, one of the most influential cryptocurrency proponents in the world. John founded the eponymous cybersecurity firm. This investigation followed the SEC investigation into the former MGT securities CEO.
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