For bitcoin investors, Tuesday August 29 was marked by a rather unexpected surprise on the crypto market. Indeed, just after the courts announced the victory of the company Grayscale against the SEC, the price of BTC reached a peak, quickly rising to $28,000. Interestingly, just before the court announcement whales purchased over USD 38 million worth of bitcoin. Coincidence or price manipulation? Some investors have spoken out on the issue.
In short
• The price of bitcoin rose 6% after Grayscale won against the SEC.
• Just before the announcement, whales purchased over USD 388 million worth of bitcoin.
• Some investors suspect crypto price manipulation.
Bitcoin investors benefit from a 6% increase in a few hours
Occurring on Tuesday, August 29, the sudden increase in the price of BTC to $28,000 came as a surprise to most market participants. Well, maybe not all.
Indeed, the on-chain analysis of the transactions reveals that just before the court announced Grayscale’s victory in the lawsuit against the SEC, whales bought BTC for over $388 million.
For the small clarification, the regulator requested the cancellation of Grayscale’s request to convert its Grayscale Bitcoin Trust into a Bitcoin Sport ETF. Grayscale won the case against the SEC, a major victory for BTC. It is normal that such information propels the price of crypto. However, purchasing such a high amount of bitcoin at this precise moment left many investors suspicious.
Handling ? They buy 388 million USD of bitcoin and the crypto climbs 6%!
For some X users, the sequence of events gives the impression that the price of bitcoin has been manipulated. The user Santiment asserts for example on X that:
“ #Bitcoin exchange supply was significantly increased just before #Grayscale’s #SEC victory. It seems abundantly clear that the powers that be were aware of the inevitable increase in #crypto market cap following this outcome. »
His opinion is supported by the user Ali who goes so far as to share figures:
“ Signs of #Bitcoin manipulation ? look at this ! Just before #Grayscale’s legal victory against @SECGov, around 30 000 #BTC were sent to #crypto exchanges, increasing the exchange supply from $1.13 million to $1.16 million BTC. »
While waiting to be located, investors continue to accumulate because at the time of writing, the price of bitcoin has fallen to almost $27,370 after the 6% rise.
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