There are many speculations about the cryptocurrencies’ industry behavior. The crypto bear market continues to pull prices down consistently, despite development within the market. Many experts and traders alike suspect that manipulation behind the curtains keeps the bitcoin’s price down.
Crypto Bear Market Trend Continues
Since the beginning of the year, cryptocurrency market, led by bitcoin, experienced several bear runs. Most recent one happened at the end of July, with BTC’s price falling down from $8.100 mark to $5.800 in mid-August. Then, the counter-trend occurred, bringing the value of bitcoin up to $7.300, only to decline again by 13.7%, towards $6.300.
Due to the long-lasting bearish behavior, the crypto community started to exert efforts in putting the value back up again. Most of the altcoins followed the BTC’s route, pushing development teams to improve blockchain networks. Ethereum heads towards its hard fork, Constantinople, Gemini created USD-pegged GUSD, and Coinbase are heading towards first-ever crypto lobbyist group in Washington.
Read more at: Crypto Lobbyists in Washington
However, these efforts did not alleviate the market, as coins’ values were not picking up after the recent decline. These lead to the clash of opinions on whether organizations manipulate the bear trend or not.
Large Platforms Accused of Market Manipulation
According to the reports, big exchanges, Kraken, Binance, and Gate.io are coming under fire due to suspected unlawful activities. The New York Office of the Attorney General (OAG) put crypto platforms at blame for the market manipulation.
Even Coinbase, Bitfinex, and Bittrex became part of the accused lot due to how large their platforms are. Monitoring, liquidations, fake market movement, and several other tactics were part of the exchanges’ weaponry to impact the market.
On the other side, many have blamed new traders for the market’s bear trends due to their poor investment decisions. Due to the lack of risk and management tools, Tim McCourt from CME stated that futures contracts would help the market, not harm it.
In any case, platforms’ power and lack of risk assurance products have their own impact on the crypto market. Thus, it comes to no surprise that governments are getting increasingly involved in the industry.