What we witnessed early this morning may have negative impact on the assessment of the Bitcoin ETF application. The market for cryptocurrency needs platforms like Bakkt. Otherwise, the suspension of manipulation will not disappear.
Bitcoin's price fell on May 17 in a few minutes from $ 7800 to $ 6,700 and Ethereum fell from $ 240 to $ 190. platforms that support margin trading, such as BitMEX.
Developer Gnosis Eric Conner said: "The whale was able to drop the entire market by 20% with one single sell order in 5 minutes and people think that Bitcoin ETF is really coming?"
Unfortunately, Conner is right. It would be a great surprise if the US Securities and Exchange Commission (SEC) was in favor of approving Bitcoin ETFs when it comes to the market where it can be rigidly manipulated.
Analyst Alex Kruger said on 10 percent market slump in one day that the idea of cryptocurrency is a safe port in the event of global financial instability is wrong. "Now we can postpone the nonsensical story of Bitcoin as a hedge against the US-Chinese trade war."
Peter Brandt, a respected trejder and technical analysis specialist, said the arrival of the Bakkt platform after obtaining approval from the CFTC (expected in coming weeks) could have long-term positive impact on the entire market. It assumes that the regulated business environment will help to eliminate all the unfair market exchanges that have a negative impact on the current situation and contribute to the possible price manipulation.
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