Did SBF really use FTX traders’ Bitcoin to keep BTC price below $20k? Cryptocurrency scrgruppen

Bitcoin (BTC) failed to reach $100,000 during the 2021 bull market because defunct exchange FTX continued to sell Bitcoin, analysis claims.

in Share X On October 12, Joe Burnett, senior product marketing manager at Bitcoin financial services company Unchained, joined the voices arguing that FTX executives suppressed Bitcoin’s price strength.

FTX certification reveals BTC sold in large quantities

As the trial of former FTX CEO Sam Bankman Fried, known as SBF, continues, new testimony paints a picture of market manipulation.

This week, Carolyn Ellison, the former CEO of Alameda Research subsidiary, reportedly told the court that Bankman-Fried had asked her to sell Bitcoin in the event of a $20,000 price violation. This was done using FTX client funds, which neither of them had the right to publish.

In response, Burnett suggested that given the scale of operations involved, it is possible that Bitcoin’s entire uptrend could be negatively affected.

“Alameda was insolvent even during the bull market. They apparently used (or ‘borrowed’) FTX client’s Bitcoin and other client assets to buy ‘Sam’s tokens’ (FTT, Solana, and Serum),” he said, referring to reports that Ellison had Negative value of $2.7 billion in 2019. 2021.

“If it weren’t for this fake selling pressure, Bitcoin probably would have reached $100,000 in 2021.”

SBF vs S2F

In this case, the BTC/USD price still reached an all-time high of $69,000 in November of that year, but at the time, forecasts called for much larger numbers.

Related: Sam Bankman Fried Blames Binance for Leaking Balance Sheet to Media: Court Evidence

Among those models was the then-popular Stock-to-Flow (S2F) Bitcoin price model, whose creator, the anonymous entity known as PlanB, gave a target price for Bitcoin of $288,000 during the current halving cycle.

He continued, “The worst-case scenario is $135,000 by December 2021.”

After Bitcoin failed to reach those levels, S2F and PlanB saw the same Significant public criticism.

While PlanB continues to offer optimistic predictions about the direction Bitcoin is headed, the SBF debacle has quickly become a source of amusement on social media.

Others disagree with Bankman-Fried’s motives. In response to Ellison’s testimony, Adam Back, CEO and co-founder of Blockstream, questioned whether he was really seeking to stifle market growth.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cryptocurrency scrgruppen

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