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Former SEC Internet Enforcement Official Alleges Bitcoin’s Recent Rise Is Due to Market Manipulation

By Simon LawsonJanuary 16, 20232 Mins Read
Former SEC Internet Enforcement Official Alleges Bitcoin's Recent Rise Is Due to Market Manipulation
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Recent analysis by Forbes of 157 cryptocurrency exchanges has led a former SEC Internet enforcement official, John Reed Stark, to claim that “market manipulation” played a significant role in Bitcoin’s recovery last week. Stark alleges that roughly 50% of Bitcoin’s daily trading volume is “fake”.

However, Stark’s claims have been met with pushback from members of the crypto community. Mike Novogratz, CEO of Galaxy Digital, suggests that the recent rebound in the crypto market can be attributed to two main factors: the rapid injection of liquidity into the market and the renewed embrace of cryptocurrency and blockchain technology in Hong Kong and China.

In a recent statement, Stark said that “the Forbes analysis raises serious concerns about the integrity of cryptocurrency trading, and the SEC needs to take a closer look at this issue.” The SEC, or Securities and Exchange Commission, is a U.S. government agency that oversees securities markets and enforces federal securities laws.

The crypto community, on the other hand, has defended the integrity of the cryptocurrency market, with Novogratz stating that “the recent rebound in the crypto market is a result of legitimate market forces, not manipulation.” He goes on to explain that the injection of liquidity, which refers to the amount of money flowing into the market, has been driven by institutional investors and large corporations entering the space. Additionally, the renewed interest in cryptocurrency and blockchain technology in Hong Kong and China, which has been driven by a desire to have more control over their financial systems and to reduce dependence on the U.S. dollar, has also played a role in the market’s recovery.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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