US opens criminal probe into bitcoin price manipulation: Bloomberg

Finance


The U.S. Department of Justice opened a criminal probe into the possibility that traders are manipulating the price of bitcoin and other cryptocurrencies, according to a report from Bloomberg.

The investigation surrounds the practice of spoofing — where an investor places orders that are intended to manipulate the price of an instrument — and flooding the market with fake orders, the report said Thursday, citing four unnamed people familiar with the probe.

Federal prosecutors are also working with the Commodity Futures Trading Commission, it added.

The price of bitcoin fell on the news to $7,339, and was down more than 6 percent, according to bitcoin exchange Coinbase.

Volatility in the cryptocurrency market has led to scrutiny from authorities around the world, who are scrambling to figure out ways to clamp down on speculative trading and illegal activities.

The Department of Justice was not immediately available for comment when contacted by CNBC.

You can read the full report by Bloomberg here.



Source link

Products You May Like

Articles You May Like

How to push the agenda
8 great financial lessons I learned from my father
General Motors considering listing shares of Cruise self-driving unit: Report
Use a detailed strategy to make the most of your philanthropy
Your first trade for Thursday, June 14

Leave a Reply

Your email address will not be published. Required fields are marked *