"It's a pity for the other people who get hurt because of their irresponsibility."
After rumors surfaced that the Securities and Exchange Commission (SEC) had approved a spot Bitcoin (BTC) ETF, the cryptocurrency managed to reach $30,000 but the price plummeted again when BlackRock denied the claims.
Following that, many experts have given quite strong criticism as they really believe there are individuals who want to manipulate the market for their own benefit.
Such drastic price movements are unlikely to happen without someone deliberately spreading false information, commented leading crypto analyst Gareth Soloway, adding that such incidents can undermine trust in the digital asset space.
Not only that, Soloway also said the SEC needs to conduct an investigation into the matter to find out who the individual is making big bets on BTC leading to significant price fluctuations.
There is no denying that the "pump and dump" incident has had an impact on the entire crypto market, but BTC has been able to show positive momentum following its price lately, seeing a gradual increase.
As of this writing, the price of BTC has jumped by 0.10% to $28,362 in the last 24 hours with a market cap of $553 billion and is up 3.31% over the last week.
Meanwhile, Ethereum (ETH) plunged around 1.82% at $1,565 in the last 24 hours with a market capitalization of $188 billion and Ripple (XRP) lost 1.23% at $0.48, then down 1.47% in the past seven days.
