As Bitcoin Tanks 18%, Long-Term Bull Tim Draper Pins Blame On 'Manipulation' By Banks

Long-term Bitcoin (BITCOMP) bull and venture capitalist Tim Draper is accusing banks of attempted manipulation as the apex cryptocurrency tanked nearly 18% in the 24-hour period leading to press time.

Photo courtesy: JD Lasica via Flickr

What Happened: Draper took to Twitter in the early hours of Monday to condemn banks for the alleged malfeasance.

Earlier late Sunday night, Scott Minerd, the global Chief Investment Officer for Guggenheim Partners, tweeted that Bitcoin’s parabolic rise was “unsustainable in the near term.” Minerd said the rise of Bitcoin is “vulnerable to a setback.”

“The target technical upside of $35,000 has been exceeded.  Time to take some money off the table,” Minerd said.

Why It Matters: Bitcoin has fallen $8,444.74 or 20.13% from its all-time high of 41,941.56, which it reached on Jan. 3, as of press time.

Miller’s remarks are in contrast to a filing by Guggenheim in November where it disclosed considering investing in Bitcoin through its Macro Opportunities Fund.

It had said at the time it would invest up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust GBTC.
Price Action: Bitcoin traded 17.86% lower at $33,340.81 at press time. On Friday, Grayscale Bitcoin Trust closed 1.22% lower at $44.42.

© 2021 Benzinga does not provide investment advice. All rights reserved.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.
David J. Calloway 2 weeks ago Member's comment

Futures on commodities too (big bouys shaking trees and loading up) as Biden getting ready to add $2 Trillion in stimulus money....Copper will rocket past $4.00 USD/lb.

One of my copper picks, News any day, Rio Tinto drill results...