Matrixport Co-founder Responds to Negative Reactions on Bitcoin Report
Jihan Wu, co-founder of Matrixport, has addressed the backlash surrounding a recent Bitcoin report from his firm. Allegations of market manipulation have been circulating in the crypto community. In a post on his X platform, Wu suggested that the decline in Bitcoin’s price was due to market volatility caused by expectations surrounding Spot Bitcoin ETFs. The price dropped by nearly 10% on January 3, impacting the broader crypto market.
Possible Connection Between Report and Market Crash
Following the release of Matrixport’s report, it is speculated that the decline in the market may be linked to its findings. The report stated that there was a high probability of the SEC rejecting all pending Spot Bitcoin applications this month. Some members of the crypto community believe that this report was intentionally released to manipulate the market, given Bitcoin’s previous reactions to developments around Spot Bitcoin ETFs.
Addressing Market Manipulation Rumors
In response to accusations of market manipulation, Wu emphasized that Matrixport cannot manipulate the market due to its status and location. He clarified that the firm does not receive insider information from US regulators and bases its analyses solely on public information. Wu deemed it unrealistic to think that their report could have triggered a market crash and questioned the expertise of analysts who hold such an opinion.
Analysts’ Independence and Changing Positions
Wu highlighted that Matrixport’s analysts work independently without influence from management. He defended their ability to change positions based on the dynamic nature and inherent uncertainty of the market. Wu pledged to support their independence as it enhances their effectiveness. Despite uncertainty surrounding approval for Spot Bitcoin ETFs, Wu expressed confidence in Bitcoin’s resilience and its eventual success.
Bitcoin’s Future and Approval of Spot Bitcoin ETFs
While Wu did not comment on when approval for Spot Bitcoin ETFs is likely to come, he stated that it is inevitable. He believes that Bitcoin will prevail regardless of whether or not approval is granted in January.
Hot Take: Jihan Wu Addresses Allegations of Market Manipulation Surrounding Matrixport’s Bitcoin Report
Jihan Wu, co-founder of Matrixport, has responded to the negative reactions and allegations of market manipulation following the release of a Bitcoin report from his firm. Wu denies any wrongdoing and asserts that Matrixport does not possess the ability to manipulate the market. He defends the independence of the firm’s analysts and their ability to adapt to market dynamics. Despite the recent market decline, Wu remains confident in Bitcoin’s future success, regardless of the approval status of Spot Bitcoin ETFs.
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