Bitcoin Critics Lampoon Latest Price Plunge, Claim Whales Are Responsible

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Someone Just Moved 106,000 BTC Worth $700 Million For An Incredibly Low Fee Of $0.26
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Many crypto market pundits are sure that the Bitcoin price will skyrocket sometime after the halving, they claim six months to two years for Bitcoin to soar past a new all-time high price. However, in reaction to the recent price drop, Gold bug, and Bitcoin-hater, Peter Schiff uncovers the possible whale’s inner sentiment.

The large traders who bought in anticipation of the Bitcoin Halving event are already cashing out, Peter Schiff claims. Per his Tweet, by the time of Halving, many market players would have already sold.

Notwithstanding, Peter is sure that more sellers will erode the event, causing the price to lose power.

However, it is very hard to determine who is right, because no one has the ability to prognosticate expectations. When it comes to the future of Bitcoin, any forecast should be taken with extreme caution.

Changpeng Zhao, CEO of Binance has maintained that Peter is having fewer chances to tweet negatively about Bitcoin. Per the Binance head, the gold bug is ‘best counter advertiser’, still.

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Nouriel Roubini Calls Bitcoin a “Total Scam”

Famous Bitcoin critic Nouriel Roubini is sounding off with a very negative viewpoint. Nouriel asserts that Bitcoin is totally manipulated and controlled by whales, citing Bitcoin’s recent 15% plunge, and reiterating that it’s a ‘total scam’.

False Volumes On Crypto Exchanges

False volumes can be perpetrated by crypto exchanges sending bitcoins to own hot wallets to pretend there’s liquidity. They enable market bots to emulate buy and sell orders. And they presumably do all that to fake up to 90% of the activity reports. Such a blatant deception could have crashed the market if turns true. However, there are too many reports claiming Bitcoin exchanges are above the lowest standards.

Thanks to the jurisdiction matters, not every crypto exchange can pass an audit or invite users to their office. Every year, there’s always news of a crypto exchange getting hacked, bankrupt, or suffer from inside jobs like data leaks.

Until the regulators and auditors come in, we never know whether Roubini’s reasoning has price changing power. Because as of now, traders are in the game despite several great risks, including the possible stablecoins crash, altcoins crash, Bitcoin price crash, COVID-19 threat burst, and so on.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.