The price value of Bitcoin dropped from $19,400 to below $16,500 in a matter of hours which created temporary chaos in the cryptocurrency markets due to high volatility.
Not only Bitcoin, but other cryptocurrencies have also expressed a bearish picture in the past 24-hours, which pushed Bitcoin’s dominance upward.
Whales Manipulate Bitcoin’s Price Value
On a sudden downfall after getting close to overturn the all-time high value, some financial experts have criticized the top digital asset for its trading behavior. Nouriel Roubini, famous author and CEO of Roubini Macro Associates, declares it “the most manipulated asset ever” which is in the control of whales. His critical remarkets about the world’s leading digital asset came after the price went down suddenly. The retail traders are getting distracted by the whales similar to the situation that happened back in 2018. “13% down. Most manipulated asset ever. As I said the higher it goes the harder it will fall. FOMO-salivating retail suckers hoodwinked by manipulative whales will get shafted as in 2018!,” he stated.
Another famous author Timothy Peterson for Cane Island agrees with Roubini on the stance that the top digital currency is manipulated by a bunch of people while retail traders face severe consequences. However, he claims he does not agree with Roubini on the other matters except this.
Bitcoin is Not a Currency
The professor has published several tweets explaining why Bitcoin is not fit for the people who want to invest in it. Institutional players who want to add Bitcoin to their portfolios may find it the most manipulative trading instrument. Roubini even claims that institutional investors as well as retail traders should not include the world leading digital currency in their portfolios as they may lose their capital. What’s more, it cannot be used as a currency as it does not fulfill the features of a reliable currency due to its high volatile nature. Third, he claimed that flagship cryptocurrency is not fit for a good store of value.
“Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value,” he added.
Whales who manipulate the Bitcoin market utilize stablecoin Tether to leave the market immediately by selling Bitcoin with USDT. Furthermore, it has no intrinsic value at all and cannot be used to pay taxes.