Bitcoin price hasn’t been going anywhere besides the lower end of the market after it broke from its consolidation pattern.
The seven thousand eight hundred dollars ($7,800) mark is the new home for Bitcoin (BTC) after its fall from the eight thousand dollars ($8000) level. Bitcoin holders have not been in these lands since early June. Today, BTC started from eight thousand one hundred and sixty-seven dollars ($8,167) but circumstances escalated with two hundred dollars ($200) being pumped out from the price tag in under an hour.
The week hasn’t treated Bitcoin BTC nicely either with BTC trading over the ten thousand dollars ($10,000) mark. It’s only been a matter of days that bitcoin price has seen almost a two thousand dollars ($2,000) cut from its standing price. With the cards in hand, it seems that the rally won’t be stopping any time soon.
These circumstances have led the crypto traders and analysts calling out for a fair play in the field where the law is what the security being traded says it is. It seems as if the market has been cutting in on deals from under the table which is responsible for the abrupt change in the asset’s price.
Bitcoin price movement is more than just market action
Bendik Norheim Schei of Arcane Research, in his interview with Forbes, outlines some of the different kinds of bitcoin futures contracts that are easy to manipulate. They allow for fiat to be staked for Bitcoins, thus one who stakes in, won’t have to own any bitcoins and yet get the benefits of future trading. This isn’t a fair mechanism and thus Bakkt doesn’t allow it.
John Griffin, a finance professor at the University of Texas, released a report in 2018 that was about Bitcoin manipulation and it has been a guiding light, highlighting the fact that this isn’t the first time that something like this has happened and that the 2017 Bitcoin price spikes weren’t a coincidence.
Tether owners had a role to play in the price manipulation the ensued before. This time, according to Bendik Norheim Schei, the futures contracts by the CME Group based in Chicago are responsible for the BTC price falling.