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EXPOSED: Kraken CEO Jesse Powell Slams The Block for Publishing Fake News

  • Alex Morris
    📰 News

    💥📜Jesse Powell calls The Block’s piece ‘an attack’ on his company and expects an apology from Mike Dudas


EXPOSED: Kraken CEO Jesse Powell Slams The Block for Publishing Fake News
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Contents

Kraken CEO Jesse Powell has had a heated Twitter conversation with The Block founder Mike Dudas. Powell explicitly criticized Dudas for presenting ‘factually inaccurate statements’ in an article that accused Kraken of reporting fake trading volumes.

A tip-off from an anonymous trader

The hit piece that was published by The Block on March 13 cites an anonymous trader who allegedly revealed how an institutional account executed a stop order ‘well below’ the set price. 10K worth of Ethereum (ETH) was enough for the asset’s price to dip 4 percent, which could be an indicator that Kraken wouldn’t report its true trading volumes.


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False and misleading information  

In response, Powell claims that the assumptions and conclusions that were presented in the article are factually false. Hence, it proves that the ‘trader’ behind the tip-off never had any basic understanding of the market. Apart from that, the article contains a lot of blatantly misleading information. For instance, the ‘10K worth of Ethereum’ remark would make uninitiated readers believe that $10,000 (or 76.28 ETH at the time of writing this article) would be able to affect the ETH price.

Is The Block in bed with Coinbase?

Prior to that, Powell accused Dudas of being ‘an epic Neutrino apologist’ for trying to silence the #DeleteCoinbase controversy. The Block writer Larry Cermak claimed that Coinbase has no influence on their coverage, but Powell didn’t buy that.

With that being said, The Block readers have every right to be concerned about a potential conflict of interests. Dudas himself claimed that he has ‘multiple good friends’ from Coinbase, and the $8 bln exchange actually invested in his media company on top of that all.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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