Bitcoin’s price action has raised concerns about possible market manipulation as the cryptocurrency continues to trade within a narrow range despite substantial institutional inflows.
The leading digital asset, currently valued at $96,199, has been range-bound for over two months, fluctuating between the $92,400 support and $106,500 resistance since 18 December 2024, according to Trading view data.
Bitcoin briefly surged beyond this range on 20 January 2025, following the inauguration of US President Donald Trump, hitting an all-time high of $109,000 before retreating.
According to Samson Mow, CEO of Jan3 and founder of Pixelmatic, the price pattern appears “very manufactured.” Speaking at the Consensus Hong Kong 2025 panel, he suggested that price suppression may be in play:
“If you look at the price movement, we peak, and then we stay steady and chop sideways. And it’s good, you can say it’s consolidation, but it just looks very manufactured.”
He further noted that Bitcoin’s unusually tight trading range seems unnatural, adding to suspicions of artificial price control.
Howard Lutnick Confirmed as US Commerce Secretary
The US Senate has confirmed Howard Lutnick as the new Commerce Secretary in a 52-45 vote, solidifying President Donald Trump’s selection to lead the Department of Commerce.
Lutnick, previously the CEO of Cantor Fitzgerald, an investment firm with ties to Tether, stepped down from his role immediately upon confirmation. His association with the major stablecoin issuer raised concerns from Senator Elizabeth Warren, who questioned his “deep personal ties” to the crypto industry.
The Commerce Department, under Lutnick’s leadership, oversees business data, patent protections, foreign investments, and weather forecasting across 47,000 employees in 86 countries.
Lutnick has previously expressed his support for Bitcoin, citing halving cycles and its decentralised nature as key reasons for its long-term value.
FTX Announces Next Creditor Repayment Round for May
Bankrupt crypto exchange FTX has outlined its repayment schedule for creditors, following its first round of reimbursements on 18 February 2025.
According to an announcement, the next repayment distribution is set for 30 May 2025, covering:
- Class 5 Customer Entitlement Claims (customers who had assets on the platform before its collapse).
- Class 6 General Unsecured Claims (vendors, trading partners, and other creditors).
To be eligible, creditors must verify their claims by 11 April, serving as the record date for distribution.
Sunil Kavuri, an FTX creditor and advocate, confirmed that the May repayment round will cover claims exceeding $50,000. These creditors must also select a distribution agent by 11 April.
Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their claim value in cash. The exchange previously estimated the total distribution value to be between $14.5 billion and $16.3 billion.
