Was Monday’s Bitcoin Pump Dump Planned? Crypto Analyst Urges SEC Investigation

Sudden spike in Bitcoin price on Monday as fake spot Bitcoin ETF approval news surfaced has continued to baffle the crypto community. Bitcoin’s whirlwind featured an abrupt surge to $30,000, triggered by rumors of the SEC approving Blackrock’s iShares Bitcoin spot ETF. However, this excitement quickly turned to disappointment as Blackrock denied the claims, sending Bitcoin plummeting back to $28,100 in minutes.
The incident, resulting in a cascade of liquidations across the crypto market, has been met with widespread criticism from experts who firmly believe the ultimate objective was market manipulation for the benefit of a select few.
Is There A Need for Regulatory Action?
Prominent crypto analyst Gareth Soloway weighed in on this situation, describing it as a “pump and dump” during a recording on Tuesday. Soloway asserted that such a drastic price movement couldn’t have occurred without someone intentionally spreading false information for personal gain.
“I’m just being honest with you; this stuff doesn’t just materialize out of thin air with no one having some ulterior motive.” He emphasized.
Soloway further expressed his concern over the situation, noting that such events could undermine trust in the crypto space, calling for a regulatory body’s intervention.
“Bottom line, I will say this: yes, the crypto markets need the SEC or some regulatory body that is monitoring the crazy house essentially…There needs to be an investigation by the SEC into this to find out who was placing big bets on Bitcoin.” He went on.
According to Soloway, when rumors, misinformation or news can lead to significant price fluctuations, there’s a call for a regulatory framework to ensure market integrity.
Positive Market Signal Amid the Chaos
That said, while the “pump and dump” incident had market-wide consequences, Soloway observed that the Bitcoin chart had indicated a positive bias leading up to the events. And despite not providing a clear target he highlighted that the chart provided signals for a potential surge.
That said, CoinTelegraph, the source that initially reported this false information, causing an immediate market response, removed the post and issued an apology. Shortly after the incident, Kristina Lucrezia, the Editor-in-Chief of CoinTelegraph, expressed her regrets at a Dubai event, stating, “This was a disaster, and it serves as an example of what must not occur.”
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?