Recently, Matrixport found itself at the center of controversy. While the price of the flagship crypto, bitcoin (BTC) surprisingly fell by 10%, the firm faced allegations of manipulation of the crypto market. This, due to the publication of a report. Accusations that Jihan Wu, its co-founder, rejects!
Jihan Wu denies accusations of crypto market manipulation…
Did Matrixport deliberately contribute to the recent decline in the valuation of the crypto market as is accused? The answer is definitely negative for Jihan Wu.
This Thursday, January 4, 2024, the manager stepped up to respond to the allegations of market manipulation that have emerged within the crypto community. Accusations linked to a controversial report on bitcoin (BTC), published by the company.
It turns out that the document is singled out as being at the origin of the substantial drop of around 10% that bitcoin suffered on Wednesday January 3. A fall which, according to many, was deliberately caused by the firm.
On X (formerly Twitter), Jihan Wu flatly rejected the idea that Matrixport deliberately triggered the market collapse through its report. A study that speculated that the SEC would reject expected Bitcoin Spot ETF applications.
Without any factual basis!
It is true that the drop in the valuation of bitcoin coincided with the publication of said report. Hence speculation in the crypto community about intentional market manipulation.
However, Jihan Wu protests against the very possibility of such a possibility. According to him, it is impossible for the financial platform to manipulate the crypto market. This, because of his status and position.
He also clarified that the company relies only on public information to perform its analyses. Not to mention, he adds, that the company does not receive privileged information from American regulators.
Separately, Jihan Wu clarified the sudden change in Matrixport’s stance from bullish to bearish. On this point, the manager explained that the company’s analysts adapt to the dynamic and uncertain nature of the crypto industry. He concluded by emphasizing the need to adapt to the dynamics of the particularly evolving crypto market.
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