Wall Street whales are manipulating cryptocurrency prices in order to buy up BTC and other cryptocurrencies at rock-bottom price. Such a conspiracy theory was suggested by Ethereum World News (EWN) portal. The outlet opined that the U.S. Securities and Exchange Commission could be deliberately ignoring speculators to create a “Wild West” situation on the crypto market.
EWN suggests that major Wall Street players might be behind the cryptocurrency market downfall.
Wall Street’s activity has probably much to do with the forthcoming launch of services for institutional investors.
As noted by the outlet, Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) were the first exchanges to introduce bitcoin futures trading late in 2017. This coincided with the bull run, with BTC price reaching $20 000 high.
The SEC, nevertheless, is yet to provide the U.S. crypto market with concrete guidelines in the field of blockchain and cryptocurrency regulation. The Commission has been repeatedly opposing ICOs and fining certain market players, however.
The absence of regulation means that the regulator will not combat negative statements about cryptocurrencies, which affect the crypto market adversely.
“If the SEC were as swift with crypto as they were with Elon Musk and his tweeting habits, the crypto-verse would be a far much safer place,” – EWN notes.
The SEC leaves price manipulators unpunished, thus contributing to the “Wild West” environment on the market and forcing traders to permanently adapt their moves and strategies to ever changing circumstances.
It is worth noting, that the launch of Bakkt – a trading platform for investment companies – was postponed till January 2019.