Bitcoin Prices Fly But Drop Again: Market Manipulation Or Positive Signal?

The price of Bitcoin had risen to a price of IDR 471 million per coin. (Photo; Doc. Pixabay)

Jakarta - The cryptocurrency market was recently shocked by the sudden Bitcoin price spike. This spike occurred in line with the emergence of fake news regarding the approval of the IShares Bitcoin spot ETF by Blackrock.

The price of Bitcoin suddenly jumped to US$30,000 (Rp471 million), this condition has attracted the attention of investors. However, this happiness turned into disappointment after Blackrock firmly denied the rumors. As a result, the price of Bitcoin fell back to 28,100 US dollars (Rp442 million) in a short time.

This incident, which has an impact on massive liquidation in the cryptocurrency market, has drawn criticism from many experts. They fear that the main goal of this incident is to manipulate the market in the interest of a small group of individuals.

Gareth Soloway, a prominent cryptocurrency analyst, observed the situation and called it a "pump and dump" when giving his opinion on Tuesday. Soloway believes that drastic price movements like this are unlikely without any intentional attempt to spread false information for personal gain.

Soloway also expressed concern about the situation and considered the need for regulatory agencies, such as the SEC, to oversee the cryptocurrency market. He stated that, "Cryptocurrency markets require strict monitoring... The SEC must carry out an investigation to reveal who played a major role behind the Bitcoin price spike."

Although the "pump and dump" incident has created chaos in the market, Soloway also noted that the previous Bitcoin price chart showed a positive signal. Although he did not set a definite pricing target, he saw potential price increases.

Meanwhile, Cointelegraph, a news source who initially reported this false information, deleted the article and apologized for this misunderstanding. Kristina totaled, Editor-in-Chief of CoinTelegraph, expressed regret over the incident and said, "This is a disaster and an example that should not be repeated."