Home Bitcoin News US justice division reportedly opens legal investigation into bitcoin value manipulation

US justice division reportedly opens legal investigation into bitcoin value manipulation

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The U.S. Division of Justice opened a legal probe into the likelihood that merchants are manipulating the value of bitcoin and different cryptocurrencies, according to a report from Bloomberg.

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The investigation surrounds the follow of spoofing — the place an investor locations orders which might be meant to control the value of an instrument — and flooding the market with pretend orders, the report stated Thursday, citing 4 unnamed folks acquainted with the probe.

Federal prosecutors are additionally working with the Commodity Futures Buying and selling Fee, it added.

The worth of bitcoin fell on the information to $7,339, and was down greater than 6 p.c, in response to bitcoin change Coinbase.

Volatility within the cryptocurrency market has led to scrutiny from authorities around the globe, who’re scrambling to determine methods to clamp down on speculative buying and selling and unlawful actions.

The Division of Justice was not instantly accessible for remark when contacted by CNBC.

You’ll be able to learn the complete report by Bloomberg here.

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