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The United States Department of Justice and the Commodity Futures Trading Commission have opened a joint criminal investigation into price manipulation of bitcoin and other cryptocurrencies, according to a Bloomberg report.
The illicit tactics reportedly being investigated include spoofing and wash trading.
Bitcoin’s share prices have been fluctuating wildly over the past year, ranging from US$1,800 to almost $20,000, leading to rumors of price manipulation.
News of the joint DoJ-CFTC probe pushed bitcoin’s share prices to a six-week low. The cryptocurrency’s price stood at $7,545 at mid-day Thursday.
The probe “will help the market,” said Darryll DiPietro, CEO of Concierge Club.
“Once everyone gets put under a microscope, it will be difficult for some of those sh*tty companies launching dicey IPOs,” he told the E-Commerce Times. “I’m not for regulation per se — I believe in a decentralized market — but I’m for controlling those sh*tty companies. Legitimate projects will benefit from this.”
Both DoJ spokesperson Nicole Navas Oxman and CFTC spokesperson Donna Faulk-White declined to comment for this story.
Market Manipulation Murmurs
Back in 2017, Hackernoon ran a story alleging A single entity dubbed “Spoofy” was responsible for dominating the price of bitcoin, according to a story Hackernoon ran last year.
Spoofy was spoofing…