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Bitcoin Value

Bitcoin Surpasses $30,000 Level For First Time in a Year

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After a two-year hiatus, Bitcoin is back in the headlines with a bang as its value surpasses $30,000 once again. While this is great news for investors, it has also sparked concerns about the potential for rampant market manipulation. 

Bitcoin has climbed above $30,000 once again, marking a significant rise in cryptocurrency prices. This marks the first time the popular digital currency has hit this milestone since June of 2020, when Celsius crypto lending company controversially froze withdrawals before its eventual collapse. 

Bitcoin has outshone Nasdaq 100 tech index with an exceptional 82% growth since the end of last year!

Notably, despite this recent recovery, Bitcoin still has a long way to go before it reaches its all-time high of $68,000 from just a few months ago and even further from its peak before the infamous “crypto winter” caused by the failure of Terra stablecoin.

If Bitcoin manages to break through those levels, it could bring us closer to the thrilling possibility of wiping away all the losses incurred since the chaotic decline of TerraUSD stablecoin in May 2020. It would be an exciting milestone that could have a significant psychological impact on the cryptocurrency market.

The buzz around bitcoin has reignited talks of a potential cryptocurrency surge, but it also brings to light concerns of market manipulation. Will we witness another wave of digital currency hysteria?

Cryptocurrency surge

With Silicon Valley Bank’s collapse causing concern amongst investors, fans of cryptocurrency have turned to the tried and tested Bitcoin as a way of shielding themselves against the potential downfall of the traditional “fiat” economy.

The value of Bitcoin, the foremost token in the sector, has been catapulted to new heights as investors flock to it as a safe haven in these uncertain times.

A bold prediction was made by Balaji Srinivasan, a confident venture capitalist, who put down $1 million in March betting that the value of one bitcoin would skyrocket to over $1 million by June of this year.

His rationale the US dollar was on the brink of hyperinflation and that would trigger a massive surge in bitcoin’s value, making it the ultimate winner.

In a daring move, he had predicted a global restructuring of how we view currency, with bitcoin taking center stage as the new digital gold standard. This visionary has made a bet on this radical shift, citing the deceptive practices of the Federal Reserve as the key factor in this impending change.

Bitcoin’s recent rally has left many surprised, with experts stating that there was no clear reason behind it. Despite this uncertainty, analysts have dubbed it a sign of the cryptocurrency’s newfound bullish market conditions and investors’ growing confidence.

With bitcoin showing strength and emerging from “crypto winter,” both retail and institutional investors are once again showing interest in this once-lucrative investment opportunity. However, as bitcoin’s price surged by $2,000 in a day to reach $30,000 after hovering at $28,000 for weeks, concerns about market manipulation have also started to surface.

A recent report from the US National Bureau of Economic Research has uncovered some shady practices in cryptocurrency trading. Apparently, a sneaky tactic known as “wash trading” is rampant on 29 unregulated exchanges, accounting for more than 70% of reported volume. This involves selling cryptocurrencies back and forth between related parties in order to manipulate prices.

It’s easy to see how this could have a huge impact on the market, and it raises some serious concerns about the legitimacy of certain exchanges.

The US Securities and Exchange Commission (SEC) has put the brakes on plans for a bitcoin-based exchange traded fund that would let investors get a piece of the cryptocurrency pie.

The SEC rejected the proposal in June 2022 due to concerns over fraud and manipulation in the crypto market. With the decision being made, those looking to invest in bitcoin now have one less avenue through which to do so.

The SEC has raised concerns about potential manipulation of bitcoin pricing by those with a powerful presence in the market.

They also cited fraudulent behavior and manipulative activities involving stablecoins, like tether, as contributing to the issue. In addition to wash trading, it seems bitcoin may be facing some less-than-honest traders trying to bend the market to their will.

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  • Phyllis Wangui

    Phyllis Wangui is a Financial Analyst and News Editor with qualifications in accounting and economics. She has over 20 years of banking and accounting experience, during which she has gained extensive knowledge of the forex, stock news, stock market, forex analysis, cryptos and foreign exchange industries. Phyllis is an avid commentator on these topics and loves to share her insights with others through financial publications and social media platforms.