- The cryptocurrency market has had a rough start to the final week of July, with Bitcoin
trading negatively as the Federal Reserve’s interest rate decision approaches.
- The Wall Street Journal has published a report suggesting that Binance US, the American branch of the world’s largest cryptocurrency trading platform, artificially inflated the market in 2019 through trades between itself and its affiliates, a practice known as “wash trading”.
- The report has had a significant impact on Bitcoin’s price, which has fallen below $30,000.
Bitcoin Price Plummets Amid Market Manipulation Allegations
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As the final week of July unfolds, the cryptocurrency market is grappling with some unsettling news. Bitcoin, the leading digital currency, is experiencing a downturn as the Federal Reserve’s interest rate decision looms. However, a recent report by The Wall Street Journal has also played a significant role in this decline.
Allegations of Market Manipulation
The Wall Street Journal has alleged that Binance US, the American arm of the world’s largest cryptocurrency trading platform, created artificial liquidity in the market in 2019. This was reportedly achieved through trades conducted between the platform itself and its affiliates, a practice commonly referred to as “wash trading”.
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These allegations, which emerged from leaked private conversations attributed to the exchange’s founder and CEO, Changpeng Zhao, could potentially intensify regulatory pressures on Binance.
Bitcoin’s Price Takes a Hit
The Wall Street Journal’s report has had a profound impact on Bitcoin’s price. The leading cryptocurrency, which had climbed above $31,000 in recent weeks, has now dropped to $29,000. At the time of writing, Bitcoin is trading around $29,000, having experienced a decline of more than 3.5% in the last 24 hours.
Anticipation Builds for Fed’s Interest Rate Decision
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Meanwhile, the Federal Reserve is set to commence a new meeting this week to evaluate the effectiveness of its interest rate hike cycle in controlling inflation and rising prices. It is widely expected that the Fed will announce a new increase of 25 basis points on Wednesday. In fact, the market has already factored in such a decision.