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With the current market that is recovering from the recent Bitcoin [BTC] If the price of bitcoin is less than $ 7,500, a hunt at source followed. Bitstamp, the Japanese cryptocurrency exchange that has seen a crucial order upset the market is the vaunted source, however, some dispute this assertion.
Correction or manipulation?
The term "manipulation" was also used in light of the news that a massive sell order of about 5,000 BTC was placed on Bitstamp. The order was executed at a modest price of $ 6,200, while the market price of the coin was well above $ 8,000, which caused the decline.
The deterrence of Bitstamp has catalyzed the rampant liquidation of long positions of more than $ 207 million by BitMEX. The price index of the latter including the weighted price of BTC on Bitstamp and Coinbase Pro, the price of BitMEX also briefly collapsed.
Source: Negotiation View
Rumors of manipulation were fueled by the individual nature of the transaction that triggered the crash. In addition, given that the April rise of more than $ 5,000 was supposed to be triggered by a single order to automatically purchase a significant amount of Bitcoins, rumors of manipulation can not to be lifted.
Dovey Wan, co-founder of Primitive Ventures referred the person behind the event as a "rascal" who "sold a total of $ 5,000 BTC on [Bit]stamped".
Regardless of the similarity between the culprit and a farm animal, the purpose of the withdrawal, whether planned by market forces or not, has not yet been determined, but analysts Notables threw their hat in the ring, suggesting that it was not a game of chance.
Weiss Ratings, the crypto-specific filing company, which sometimes abused the cryptocurrency sector, suggested a lack of "manipulation" and called the fiasco as "normal market correction". Quoting and then immediately rejecting the Bitstamp case, Weiss focused on the moment of the crash.
The rating giant said that the price of the royal coin would drop "by 25 hours" the order to sell 5,000 BTC from Bitstamp at the lowest possible price of $ 6,200; it is not therefore a manipulation, but a simple correction of the old market. Their tweet of May 17 said:
"Today, the price of #Bitcoin has dropped sharply by more than 20%. Some say it was due to manipulation. #BTC had been down for 25 hours BEFORE the big order at #Bitstamp. This is not manipulation, it is a normal correction of the market. #crypto #cryptocurrency #altcoins
There is no doubt that the Bitstamp order has hit the market hard, given the severity of the exchange and the severity of the order, not to mention the consequences it has had on the BTC-BitMEX market. . However, the largest cryptocurrency has managed to remain firm above $ 7,000 and is now well over $ 7,300, and is rising.
Whether it is "brutal" price manipulation or a periodic market correction, the recoil seeks to fade with the centerpiece displaying a price gain 1.2% against the dollar in the past 24 hours.
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