Hey ninja’s, how’s the trading going? Timothy Peterson, an analyst at Cane Island Alternative advisors claimed that Bitcoins surge to near-$20,000 in 2017, its all-time high, was achieved due to market manipulation.
He shared his claims via Twitter on the 11th of June, in his tweet he referenced a recent Japanese court ruling against former Mt. Gox CEO Mark Karpeles on data tampering charges stating that it took the public seven years to accept that Bitcoin market price was manipulated in 2013 then concluded with a question asking how long it would take for people to accept that Bitcoin was also manipulated in 2017 and 2019 and claiming that Bitcoin’s all-time is “fake”.
Peterson’s claims left the public wondering if his claims contained some truth or it is just another conspiracy theory on cryptocurrency market manipulation. Peterson was asked what defines a “real” all-time high in his “mind”, he responded saying that his claims were not backed by his mind but his math.
He explained further stating that an all-time high is considered legitimate only when backed by certain fundamentals as measured by active addresses, hash rate, and transactions. Concluding that if a price differs from the fundamentals, that price was most likely generated from fraudulent price manipulation.