Jihan Wu, co-founder of Matrixporthas come out to try to clarify things in the face of the negative reactions that a recent bitcoin report for his signature he has achieved. This comes as accusations of market manipulation by the company continue to resonate in the crypto community.
bitcoin Drop Due to Higher Expectations
in a mail On his platform X (formerly Twitter), Jihan Wu suggested that the significant decline in The price of bitcoin was due to “market volatility driven by expectations around” bitcoin Spot ETFs. bitcoin price plummeted by nearly 10% on January 3, sending the broader crypto market tumbling in the process.
Data Coinglass also shows that market positions worth nearly $700 million have been liquidated since then. Interestingly, the market began to decline shortly after a report from Mattrixport hit the news. The aforementioned firm in the report that the SEC was very likely to reject all pending bitcoin Spot applications this month.
While it is unclear whether the report was responsible for the accident, there are speculations in the crypto community that the report was a deliberate act by Matrixport to manipulate the market. Considering how the price of bitcoin has been for some time now bitcoin/bitcoin-price-crosses-35000/” rel=”nofollow noopener” target=”_blank”>reacted to every development Around spot bitcoin ETFs, this position may not be far-fetched.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Was-Bitcoin39s-fall-planned-Matrixport-founder-sets-the-record-straight" alt="bitcoin Price Chart by Tradingview.com (Matrixport Founder)” width=”3266″ height=”1530″/>
btc price reclaims $43,000 | Source: BTCUSD on Tradingview.com
Wu addresses market manipulation rumors
In a later mail on its X platform, Jihan Wu implied that there was no way his company could bitcoin-news/sec-prove-bitcoin-is-not-manipulated/” rel=”nofollow noopener” target=”_blank”>manipulate the market considering its condition and location. Furthermore, he noted that they do not receive any inside information from US regulators since all of the firm's analyzes are based on public information.
Having established this premise, he went on to say that it was “unrealistic” to think that his company's report could have caused the cryptocurrency market to crash. According to Wu, the experience of any analyst who holds that opinion should be examined. The company's co-founder also explained why his company suddenly turned bearish. bitcoin/bitcoin-whales-sell-50000-btc/#:~:text=While%20BTC%20seems%20to%20be,pending%20Spot%20Bitcoin%20ETF%20applications.” rel=”nofollow noopener” target=”_blank”>after previously saying They expected approval to come in January.
Wu hinted that it is not unusual for Matrixport analysts to change their positions, as they are always willing to adapt to the “dynamic nature of the market and inherent uncertainty.” As such, in Wu's view, it is “unfair” to expect these analysts to always be consistent in his opinion.
Having revealed that these analysts work independently without influence from management, he pledged to continue supporting their independence. Otherwise, its effectiveness could be hampered, he says.
Meanwhile, Wu has no doubt that bitcoin will prevail regardless of whether the Pending bitcoin Spot ETFs It comes in January. As for when bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>approval will probably comeHe did not comment on the matter, simply saying that it is “inevitable.”
Featured image from Investment Monitor, chart from Tradingview.com
