NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Prominent Bitcoin Naysayer Refutes China Being Behind Recent BTC Rally

Rick Delafont
Rick Delafont
1 year ago
2 mins read
market manipulation bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Peter Schiff has refuted the notion that the Chinese government endorsement of blockchain is behind Bitcoin’s recent price rally. The price of the leading digital asset surged on Friday to a high above $10,000 on some exchanges before returning to around $9,400 at the time of writing.

Schiff instead claims that so-called whales (large holders of the digital asset) are manipulating the market to make it more favourable for them to sell their own Bitcoin to new investors.

Schiff: Market Manipulation, Not Chinese Enthusiasm Behind Bitcoin Price Pump

On Friday, Chinese media revealed that president Xi Jinping called for the adoption of blockchain technology in the nation during a meeting of the Political Bureau of the Chinese Communist Party’s Central Committee. Also on Friday, the price of Bitcoin suddenly shot up.

From trading at around $7,400, the leading digital asset surged, reaching more than $10,000 on some exchanges. In the days that followed, NewsBTC reported on further developments around the story. These included the nation’s state-controlled media broadcasting a segment referencing Bitcoin as the first example of a blockchain application, along with evidence that a new blockchain exam by the Chinese government opens with a class all about Bitcoin.

Although many commentators in the cryptocurrency industry have interpreted the development as wildly bullish for all of crypto, the news has not impressed everyone. Plenty of naysayers were on hand to remind those elated that a government with a strong preference for centralised power is unlikely to have the anarchic, decentralised Bitcoin in mind when considering its apparent rapid implementation of blockchain technology.

Unsurprisingly, Peter Schiff is amongst those that don’t believe the hype. He tweeted as much earlier today:

Bitcoin’s recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.

— Peter Schiff (@PeterSchiff) October 28, 2019

Schiff, who has never had a good thing to say about Bitcoin, believes that the recent price rise was a product of manipulation rather than more organic investment. The proponent of gold states that the “weak market” of Bitcoin does not support large holders of the cryptocurrency dumping their investments. Therefore, in order to do so, these so-called whales must ramp up interest in digital currency so that buyers can absorb the increased selling pressure.

Although not explicit, Schiff suggests that the recent Chinese blockchain endorsement was a cue for these large Bitcoin holders to boost the price up, thus encouraging what he calls “momentum buyers” to enter the market. The extra buying pressure making the “weak market” temporarily strong enough for the whales to dump their holdings on investors genuinely buying on the sudden hype around the announcement.

 

Related Reading: Chinese Bank Invests in Bitcoin Wallet After President Xi’s Remarks: Report

Featured Image from Shutterstock.
Tweet123Share209ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

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

Leave a Reply Cancel reply

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

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Wyckoff Accumulation Hints At Explosive Q3 – $4K Level In Sight

Ethereum Wyckoff Accumulation Hints At Explosive Q3 – $4K Level In Sight

Ethereum is trading just above the $2,500 mark following days of volatility, choppy price action, and uncertainty across crypto markets....

Sebastian Villafuerte 4 hours ago
Bitcoin

Analyst Shares Bitcoin Cheat Sheet Showing When The Bull Run Begins

Bitcoin has held steady around the $108,000 price level in recent days. After bouncing back from a brief pullback near...

Scott Matherson 11 hours ago
Bitcoin

No Need To Panic, Bitcoin’s Peak Still Coming In October 2025 – Analyst

Bitcoin prices dipped by 0.93% in the last day after the premier cryptocurrency suffered another price rejection in the $110,000...

Semilore Faleti 12 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Consolidation Continues: 2 Key Support Levels To Watch

Semilore Faleti 59 minutes ago
DOGE

DOGE Bulls Hold The Line At $0.15 — Is The Rally Still Alive?

Semilore Faleti 3 hours ago
Top crypto analist: het ideale Dogecoin koopmoment voor kans op 200% rally

Top crypto analist: het ideale Dogecoin koopmoment voor kans op 200% rally

Lars Diederiksen 4 hours ago

Premium Sponsors

Press Releases

  • Cryptocurrency is the best way to get rich quickly, easily...

    9 hours ago
  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    17 hours ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    21 hours ago
  • 3 altcoina koje vrijedi pratiti u prvom tjednu srpnja 2025

    21 hours ago
  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.