Cryptocurrency Price Manipulation Unavoidable
February 15, 2018
Price manipulation in the crypto space is inevitable yet to disappear as soon as the market grows adequate, as the head of NEM crypto company claimed.
“Price manipulation is not something new. You see it in mainstream markets as well. We are in a very nascent, growing phase of our industry and these things are unavoidable. Based on that fact, it will be a thing of the past, perhaps maybe when it is more mature. But as far as manipulation is concerned and as far as what we are concerned (about) as NEM, we are more interested in the promotion of our technology than the prices”, said Lon Wong, president of NEM.
Wong makes reference to the The New York Times January report which said, an increasing number of crypto investors are concerned with Bitcoin and altcoin prices being pegged by Bitfinex exchange.
XEM currency has been related to huge crypto hacking lately when criminals have thieved Japanese cryptoexchange Coincheck for $530 mln.
Wong also told CNBC, regulatory bodies must elaborate approved regulations for crypto exchanges.
“Regulators today are in a learning curve and many of them, I would say, have insufficient knowledge and experience to actually look at how to regulate cryptocurrencies, particularly in exchanges”, he added.