In a bold statement, pro-XRP attorney John E. Deaton has accused JPMorgan and its CEO Jamie Dimon of manipulating Bitcoin's price through paper markets. This allegation comes as the cryptocurrency faces scrutiny amid a backdrop of supportive macroeconomic conditions, as analysts warn in the report.
Concerns Over Bitcoin's Performance
Deaton's claims were sparked by comments from Galaxy Digital CEO Mike Novogratz, who voiced concerns over Bitcoin's performance despite favorable economic indicators. According to Deaton, the tactics employed by JPMorgan resemble those historically used in the precious metals markets, suggesting a deliberate strategy to suppress Bitcoin's value.
Tension Between Traditional Banking and Crypto
Furthermore, Deaton emphasizes the ongoing tension between traditional banking institutions and crypto-native companies, pointing to a larger battle for dominance in the rapidly changing financial ecosystem. As the cryptocurrency market continues to evolve, these allegations raise questions about the integrity of price movements and the influence of established financial players.
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