August 5, 2021

Trader cries foul play as $30K Bitcoin price dip ends in biggest-ever daily recovery

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Bitcoin (BTC) saw its most successful recovery in history on Jan. 12 after testing $30,000 support, but market participants are already suspicious.

Data from Cointelegraph Markets and TradingView followed Bitcoin as it swiftly bounced off lows of $30,250 late on Monday to seal 20% gains in just over 12 hours.

Guggenheim sell advice under scrutiny

Coming even more quickly than its prior fall over the weekend, the comeback marks Bitcoin’s best daily performance ever, both in U.S. dollar and percentage terms. The numbers will be confirmed once the daily candle closes, with press-time levels nearing a local top of $36,600.

No sooner was the recovery underway, however, did concerns appear over the authenticity of recent market movements.

Popular market analyst and Cointelegraph contributor filbfilb argued that the strength of the rally belied what was tantamount to market manipulation — thanks specifically to exchange outages and unofficial advice from asset manager Guggenheim to sell at lower price levels.

“Amazing whats possible when you can bid the market,” part of a series of tweets read.

“Its hard not being a conspiracy theorist when two major exchanges become inoperable and Guggenheim tells people to sell the dip whenTitle: Trader cries foul play as $30K Bitcoin price dip ends in biggest-ever daily recovery
Sourced From: cointelegraph.com/news/trader-cries-foul-play-as-30k-bitcoin-price-dip-ends-in-biggest-ever-daily-recovery
Published Date: Tue, 12 Jan 2021 08:30:00 +0000