Coinbase and BlackRock Rumored to Suppress Bitcoin Prices
The post Coinbase and BlackRock Rumored to Suppress Bitcoin Prices appeared on BitcoinEthereumNews.com.
An X user accuses Coinbase and BlackRock of consistently manipulating the Bitcoin price between $55k and $70k to make a profit. Coinbase CEO and a Bloomberg analyst reject these claims, believing the perpetrator has no idea of how ETFs work. Coinbase has been under fire after rumors surfaced that it has colluded with BlackRock to stifle the growth of Bitcoin (BTC) since the launch of the US spot Bitcoin Exchange-Traded Funds (ETFs). As one of the companies that hold the largest amount of Bitcoin globally, Coinbase was accused by an X user identified as Tyler Durden of allowing BlackRock to borrow a substantial amount of Bitcoin without providing collateral. This implies that BlackRock took advantage of its over 357k BTC held to manipulate the price up and down by shorting the digital asset. According to Tyler Durden, Coinbase was largely involved in this manipulation by being the main buyer or seller at market highs and lows in the past several months. https://t.co/i7YH90vm0V pic.twitter.com/7oNVWz4FSW — Tyler (@TylerDurden) September 14, 2024 Joining the conversation, another user identified as Joose requested clarification in simple terms by asking whether Coinbase and BlackRock repeatedly manipulated the price to move up and down within the $55k and $70k range to make a profit. Coinbase Responds to the Allegation Coinbase CEO Brian Armstrong has officially responded to the ongoing allegations, claiming such discrepancies are normal. According to him, all ETF mints and burns are settled on-chain. Before this, institutional clients have options for trade financing and Over-The-Counter (OTC). Also, all funds are settled in their prime vaults within one business day. If you want audits, Deloitte audits us annually, we’re a public company. I doubt our institutional clients want people dusting all their addresses, and it’s not our place to share with them. This is what it…
Filed under: News - @ September 16, 2024 7:27 pm