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Bitfinex becoming a breeding ground for price manipulation?

Bitfinex, the cryptocurrency trading platform, was poised to be one of the first few professional platforms that allowed users to take part in the rising interest around trading cryptocurrencies. The platform is of late starting to seem like it is becoming a breeding ground for cryptocurrency whales to offload and is offering huge volume grounds for users seeking to manipulate the price.

An ICO investor that remains anonymous received 314,000 ETH via Ethereum networks Genesis block, managed to transfer roughly 20,000 ETH (5.65 Million USD at the time of writing) to Bitfinex. The transfer was only a fraction of the overall 93,750 ETF transaction that was uncovered by the Los Angeles based lawyer, Zeo Dolan. She expressed in a tweet that she is observing the Ethereum block explorer, Etherescan, for any visible signs of capitulation.

Zeo Dolan

This transaction is only one in a series of transactions that have taken place from the anonymous account. The same investor moved 116,000 ETF in May from his wallet into the Bitfinex exchange, although the individual’s wallet still holds over 104,000 ETH (roughly 28.9 Million USD).

Although no signs are present as to who this anonymous account belongs to, the whale’s large transactions certainly don’t seem to be helping add confidence in the ETH market. Ever since the first transaction was made by the account, Ethereum’s price has observed a drop in its price of over 45%.

The co-founder and CEO of BitMEX, Arthur Hayes, recently termed Ethereum (ETH) a ‘shitcoin’ and claimed that the crypto was set to drop under $100. Hayes added that a majority of the investors backing Ethereum did so owing to the rising prices all cryptocurrencies observed back in 2017. After the cryptocurrency space lost over $600 billion since 2017, Hayes predicts that a sizeable amount of venture capitalists might get rid of their Ether /ERC-20 token to curtail their losses.

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