The gradual appreciation of cryptocurrency’s worth rekindles concerns of extensive market manipulation.
Bitcoin’s value has surged significantly, propelling the cryptocurrency above $30,000 (£24,118) for the first time since June 10th of the previous year. This was right before the Celsius crypto lending company suspended withdrawals leading up to its downfall.
Despite the rebound, the token’s current price is still considerably lower than its peak of $68,000 in November 2021 and its value before the collapse of the Terra stablecoin, which led to the “crypto winter.”
Nonetheless, Bitcoin’s gradual appreciation in value has sparked conversations about a potential resurgence in cryptocurrency markets and renewed concerns about market manipulation on a large scale.
In a tweet, he expressed his belief that this is the moment the world will switch to Bitcoin as digital gold, returning to a model resembling the pre-20th century era. He elaborated on his wager, stating that once people verify his claims and discover that the Federal Reserve has been lying about bank reserves, everything will happen quickly, resulting in the destruction of all dollar holders.
On Monday, Alex Adelman, the CEO of the Bitcoin rewards app Lolli, stated that the recent rally lacked a clear trigger, but indicated Bitcoin’s newfound bullish market conditions and investor confidence. The ongoing strength of Bitcoin suggests that it is transitioning from the “crypto winter” to a new period of strength and renewed interest from retail and institutional investors.
However, the recovery, which saw Bitcoin prices hovering around $28,000 for almost a month before soaring by $2,000 in a single day, has also raised concerns about market manipulation.
The US Securities and Exchange Commission (SEC) denied permission to launch an exchange-traded fund linked to Bitcoin in June 2022. This would have enabled investors to purchase cryptocurrency exposure on public stock markets. The SEC came to the conclusion that it was impossible to prevent fraud and market manipulation from influencing the price.
