‘Massive down scam wicks' suppressing bitcoin price, per analyst [TheStreet.com]
Coinbase Global, Inc. - Class A (COIN)
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Source: TheStreet.com
As the bitcoin price has struggled to overcome the $63,000 mark this week, crypto analyst George Tung of CryptosRUs pointed to “massive down scam wicks” in the price chart as evidence that “one person in particular was trying to drive bitcoin downwards.” “Who would want to do this?” he asked in the video above. “Basically, there's someone that's trying to manipulate the market.” Perspective: Tung noted that the seller behind the downwards movements had been identified as a trader on major U.S. crypto exchange Coinbase, which also experienced a three-hour outage around the same time “And then all of a sudden, Coinbase has a system-wide outage,” Tung noted. “Coincidence? Or there's something more to it, right?” More details: Reporting the outage on X , Coinbase said it was investigating the issue and assured users that their funds were safe. It described the problem as a “system-wide outage” and noted that some users were unable to send crypto or withdraw fiat. Tung theorized
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