Numerous theories emerge whenever the price of Bitcoin takes a sudden and steep dive. The usual suspects include government regulations, the possibility of exchanges manipulating prices, Bitcoin (BTC) whales manipulating prices, overleveraged traders and some conspiracies involving Tether (USDT).
SEC kicks Bitcoin ETF can down the road
Between Aug. 15 and Aug. 18, Bitcoin’s price experienced a significant 12% decline. This occurrence followed a familiar pattern, prompting a variety of reasons put forth by analysts and experts.
Unfortunately, due to the decentralized nature of cryptocurrencies and the lack of transparency among exchanges, verifying whether a specific entity influenced the price movement remains a challenging task.
On Aug. 11, Ceni, a co-founder of Ceni Capital, made a prediction that turned out to be partially accurate. Ceni predicted a Bitcoin price lower than $29,000, anticipating the United States Securities and Exchange Commission (SEC) would postpone its decision regarding the ARK Bitcoin exchange-traded fund (ETF).
SEC Delays Decision on Ark Invest’s Spot Bitcoin ETF Application, Calls For Public Input-8 week delay for BlackRock to manipulate the market. 29k should break soon cheap stats for holders and institutional investors. pic.twitter.com/pcBhOho0Ax
— CENI⬛️(,) (@ceni0718) August 11, 2023
However, it’s important to note that the prediction didn’t specify the timing of this event or the exact support level. As a result, the statistical foundation for this hypothesis becomes less certain.
Nonetheless, Ceni has pointed to BlackRock as a potential instigator of Bitcoin’s crash, a claim that warrants thorough investigation.
Spot Bitcoin ETF is not a short-term deal for BlackRock
The idea that BlackRock might benefit from a lower Bitcoin price before launching a spot Bitcoin ETF is not as straightforward as it may seem. While the concept of a lower Bitcoin price leading to increased profitability upon ETF launch might be intuitive, there are several reasons why this might not align with BlackRock’s broader interests.
First and foremost, BlackRock has built a reputation as a…
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