Experienced trader Peter Brandt in a recent thread refuted the arguments of some "alarmists"that the behavior of Bitcoin’s price is controlled by the CME Group or is the result of bank manipulations. Moreover, he did it quite simply: Brandt drew the attention of opponents to CoinMarketCap data, which show that the daily trading volume of Bitcoins on the CME cryptocurrency exchange is only a small part of the total daily trading volume of bitcoins and, as such, has little effect on the overall movement of the asset price. “In the case of both BTC and Gold bulls, when price goes up, it is destiny, but when price goes down, it’s manipulation by banks and futures markets.” — Brandt sneered. But despite Brandt's arguments, some users in the comments reminded that CME Group is not the only platform for trading derivatives based on bitcoin and other crypts. And another group of "alarmists" felt that in the analysis of such an impact, we should talk about the leverage allowed by the CME, and not about the trading volume. For reference, institutions are often viewed as market makers due to the large amount of capital they control. Consequently, large impulsive market movements, which are more related to changing trends and trends, are often attributed to institutional ones. The same applies to classical markets.
Jesse Powell, CEO and co-founder of large US cryptocurrency exchange Kraken, is stepping down from his position after running the company for more than a decade. And this is just one of the notable leadership changes in recent months, which is associated with the consequences of the crypto-winter. Powell will be replaced by Kraken COO Dave Ripley. However, this will happen only if the company can find a worthy candidate for the position of chief operating officer in a short time. “Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience and broader industry advocacy.” — Powell stated. In fact, the businessman continues to be the largest shareholder of Kraken, as well as the chairman of the company's board. The co-founder made the decision to retire over a year ago. Then the exchange was looking for a suitable replacement and chose Ripley. By the way, in 2022, the list of CEOs of cryptocurrency exchanges and companies who retired has noticeably expanded. Powell joined Michael Moreau of crypto brokerage firm Genesis and Michael Saylor of MicroStrategy, who stepped down from their senior positions in the midst of the crypto winter.
Testifying before US lawmakers, JPMorgan Chase CEO Jamie Dimon admitted to being a "major skeptic" about "crypto tokens that you call currency like Bitcoin," and called them "decentralized Ponzi schemes." That is, Dimon does not deny that there is high technological value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and “tokens that do something.” But the cryptocurrencies themselves cause him, apparently, genuine disappointment. Dimon once hinted that he considers Bitcoin a scam and has repeatedly stated that he is not interested in supporting the cryptocurrency sector on a personal level. From time to time, he became more loyal to cryptocurrencies and once even said that they can be very useful in some cases, such as cross-border payments. But despite Dimon's views, financial giant JPMorgan is making steady progress in the blockchain space. Recall that back in October 2020, the corporation began issuing its own stablecoin JPM Coin. The coin became the first crypto backed by an American bank. This project was implemented in order to improve the efficiency of calculations. And everything turned out pretty well.