RATE Group | Currency Drops to $7,200 – The Merkle
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Currency Drops to $7,200 – The Merkle

29 May Currency Drops to $7,200 – The Merkle

Posted at 01:57h in Bitcoin News by

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At press time, bitcoin has fallen by another $100, and is now trading for $7,200. The bears continue to control the market as the cryptocurrency arena has thus far lost over $150 billion from its May high.

Recently, it was announced that the U.S. Justice Department was opening an investigation into the manipulation of cryptocurrency prices and illicit activities. Peter Tchir – a cryptocurrency analyst and Forbes contributor – says he would be very surprised if it turns out that cryptocurrency prices aren’t being manipulated, and feels that bitcoin’s price swings couldn’t occur unless someone was pulling the strings.

Tchir says there are no solid or established rules in the world of cryptocurrency, and points out a few direct factors that ultimately back his theory.

“There are allegedly several very large holders of bitcoin and other cryptocurrencies,” he explains. “The concentration of wealth gives them the incentive to push prices higher. In the…

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