BTC's pullback to $6,200 wasn't market manipulation, claims Weiss Ratings

18 May, 2019
by Joeri Cant
Bitcoin
BTC's pullback to $6,200 wasn't market manipulation, claims Weiss Ratings

Independent rating giant, Weiss Ratings, recently took to Twitter to claim that the 20% Bitcoin pullback towards the $6200 price mark, wasn't due to market manipulation.

As Bitcoin and the wider cryptocurrency market is now slowly recovering from the sudden shock it received a few days ago, rumors of manipulation are still being thrown around in light of the news that the massive sell order of around 5,000 BTC was placed on Bitstamp at the exact moment of BTC's massive drop.

Bitcoin suddenly nosedived from around $7800 to $7200 within 20 minutes across major exchanges including Coinbase, Bitfinex, Gemini and Bittrex, and even saw a flash crash all the way down to $6,200 on Bitstamp.

Bitstamp itself announced that it was launching an investigation into the trading activity that coincided with a Bitcoin price drop to $6200, as 5000 BTC was apparently dumped in a number of transactions from one user in a short space of time.

According to the exchange, this large sale of Bitcoin had a heavy impact on its order book, but otherwise the platform was functioning as it was designed to.

The crypto-specific rankings company, Weiss Ratings, however, seems convinced that this wasn't market manipulation and described the sudden drop of BTC as 'normal market correction'.

Weiss ratings points to the time of the crash, and states that BTC had already been seeing a downward trend for 25 hrs before the big order hit at the Japanese cryptocurrency exchange.

'This isn’t manipulation – it’s a normal market correction', they tweeted.

What do you think? Was this normal market activity? Or was it good old market manipulation? let us know in the comments below.

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