Source: Fortune
Summary
The cryptocurrency community has been pointing fingers at Jane Street, a Wall Street firm, for allegedly manipulating the price of Bitcoin. The theory suggests that Jane Street, as an authorized participant in the crypto ETF market, has been engaging in surreptitious trading that systemically depresses the market. However, Wall Street veterans and a person close to Jane Street have dismissed the claims as an “absolutely ridiculous” conspiracy theory. The firm has been acting as a Bitcoin authorized participant for some time, but recent controversies surrounding the firm may have fueled the rumors.
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The numbers tell one story.
Jane Street’s involvement in the crypto ETF market has sparked conspiracy theories, but veteran market watchers are skeptical. The firm’s history of employing notorious conman Sam Bankman-Fried and his girlfriend Caroline Ellison, as well as its secretive and eccentric behavior, may have contributed to the ill will towards the firm. The crypto sector may have found a convenient scapegoat for the prolonged market pain.
The announcement sounds familiar.
The rumors about Jane Street manipulating Bitcoin appear to lack substance, but the firm’s reputation and recent controversies may have fueled the claims. The crypto community’s desire for a boogeyman to blame for the market slump has led to the conspiracy theory.
It’s just people who don’t understand markets and want there to be a boogeyman to blame for why they haven’t made more money.
Author: Evan Null
