Bitcoin’s price movements are raising suspicions of potential market manipulation, according to industry experts. Meanwhile, the US Senate has confirmed Howard Lutnick as the new commerce secretary, and FTX has initiated its first round of creditor repayments, setting a May 30 deadline for the next round of distributions.
Bitcoin’s Price “Looks Manufactured,” Says Expert
Bitcoin’s trading patterns have sparked concerns about possible price suppression. The cryptocurrency has remained within a tight range for over two months despite significant institutional inflows.
Data from Cointelegraph Markets Pro shows that Bitcoin has been fluctuating between the $92,400 support and $106,500 resistance levels since December 2024. Although it briefly surged to an all-time high of $109,000 following President Donald Trump’s inauguration on January 20, it quickly fell back into the previous range.
Samson Mow, CEO of Jan3 and founder of Pixelmatic, suggested that Bitcoin’s price behaviour appears manipulated.
“It seems like some sort of price suppression,” Mow said during a panel discussion at Consensus Hong Kong 2025. “If you look at the price movement, we peak, and then we stay steady and chop sideways. It’s good—you can call it consolidation—but it just looks very manufactured.”
He added that the tight range in which Bitcoin is trading “doesn’t look natural at all.”
Trump’s Pick Lutnick Confirmed as Commerce Secretary
The US Senate has confirmed Howard Lutnick as commerce secretary with a 52-45 vote, securing President Trump’s choice to lead the Department of Commerce.
Bitcoin: The Basis for a New Financial System.
Lutnick, the former CEO of investment firm Cantor Fitzgerald, stepped down from his role immediately following the confirmation. His ties to Tether, a major stablecoin issuer, were previously questioned by Senator Elizabeth Warren.
The Department of Commerce, which Lutnick will now oversee, employs nearly 47,000 people across the United States and in 86 countries. It is responsible for a range of functions, including business data collection, patent management, foreign investment promotion, and weather forecasting.
In December 2023, Lutnick expressed his support for cryptocurrency, particularly Bitcoin, citing its halving cycles and decentralised nature as key reasons for his investment interest.
FTX Sets May Repayment Date for Creditors
FTX has announced the next round of creditor repayments, scheduled for May 30, 2025, following the initial round of distributions on February 18.
According to the bankrupt exchange’s latest update, the upcoming repayment phase will apply to “Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.” These categories include customers who held assets on the platform when it collapsed, as well as other creditors such as vendors and trading partners.
To qualify for the May distribution, creditors must have verified claims by April 11.
FTX creditor and advocate Sunil Kavuri stated that this round of repayments will cover claims exceeding $50,000. Affected creditors must select a distribution agent by the April deadline.
Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their claim value in cash. The total repayment distribution is estimated to be between $14.5 billion and $16.3 billion.
