As Bitcoin Tanks 18%, Long-Term Bull Tim Draper Pins Blame On 'Manipulation' By Banks

Long-term Bitcoin (BTC) bull and venture capitalist Tim Draper is accusing banks of attempted manipulation as the apex cryptocurrency tanked nearly 18% in the 24-hour period leading to press time.

What Happened: Draper took to Twitter in the early hours of Monday to condemn banks for the alleged malfeasance.

Banks don’t like bitcoin because it makes them less relevant, so you are seeing their attempted manipulation over the weekend. #bitcoin $250 k by end of 2022, or early 2023.

— Tim Draper (@TimDraper) January 11, 2021

Earlier late Sunday night, Scott Minerd, the global Chief Investment Officer for Guggenheim Partners, tweeted that Bitcoin’s parabolic rise was “unsustainable in the near term.” Minerd said the rise of Bitcoin is “vulnerable to a setback.”

See Also: Key Metric Indicates Bitcoin Rally Might Be Over For The Time-Being: What You Need To Know

“The target technical upside of $35,000 has been exceeded.  Time to take some money off the table,” Minerd said.

Why It Matters: Bitcoin has fallen $8,444.74 or 20.13% from its all-time high of 41,941.56, which it reached on Jan. 3, as of press time.

Miller’s remarks are in contrast to a filing by Guggenheim in November where it disclosed considering investing in Bitcoin through its Macro Opportunities Fund.

It had said at the time it would invest up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (OTC: GBTC).

Price Action: Bitcoin traded 17.86% lower at $33,340.81 at press time. On Friday, Grayscale Bitcoin Trust closed 1.22% lower at $44.42.

Photo courtesy: JD Lasica via Flickr