What Is Going On With the Crypto Markets, Experts Share Opinions
One of the bigger news stories to come out this week, that has also been tied to the downturn of the market is that research indicates Tether and Bitfinex were at the center of price manipulation, which led to December’s high of nearly $20,000.
Emin Gün Sirer, associate professor at Cornell University, looks not only at this news, but also at the fact that there is a law enforcement crackdown coming on price manipulators as a reason as to why the market is down. He also explains how the cryptocurrency market has not decoupled yet, which only adds to a bigger sentiment of negativity.
“The cryptocurrency markets are in their early stages. We know this from the fact that the coins still have not decoupled — they all move in unison, regardless of the merits of one project over another. This indicates that systemic risks to the area dominate all other concerns,” he told Cointelegraph.