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Crypto Extend Losses Amid Reports That Bitcoin Prices Was Manipulated During 2017

CryptocurrencyJun 14, 2018 01:06AM ET
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© Reuters. Cryptocurrency extended losses on Thursday

Investing.com – Cryptocurrency extended losses on Thursday, with Bitcoin now plunged more than 20% since the beginning of the week amid reports that its prices were manipulated during its 2017 peak.

Bitcoin was trading at $6,483.7 by 12:59AM ET (04:59GMT) on the Bitfinex exchange, down 1.8% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, was down 2.4% at $486.1 on the Bitfinex exchange.

XRP/USD’s XRP token slumped 7.1% higher to $0.54960 on the Poloniex exchange.

Meanwhile, Litecoin lost 4.3% to $95.88.

Tether, one of the highly-traded cryptocurrencies, consistently showed certain patterns involving Bitcoin at crucial moments that helped drove the virtual coin to its peak in December, a report by a University of Texas professor said on Wednesday.

“Tether seems to be used both to stabilize and manipulate Bitcoin prices,” finance professor John Griffin and co-author Amin Shams wrote in a paper released Wednesday.

Bitcoin is now down almost 70% from its record high of $19,511 set in December.

“Things have changed for Bitcoin and the crypto space,” said Craig Erlam, senior market analyst at London-based online trading firm Oanda Corp. “There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now -- after a period of consolidation -- we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it.”

The Justice Department launched a criminal investigation into illegal trading practices that could potentially manipulate the price of Bitcoin and other popular virtual currencies, Bloomberg reported in May.

Crypto Extend Losses Amid Reports That Bitcoin Prices Was Manipulated During 2017
 

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