SwanDesk CEO: Recent BTC plunge was result of market manipulation

The recent sharp decline in BTC's price was the result of market manipulation, according to Jacob King, CEO of SwanDesk. He argued that a large-scale BTC investor opened a short position at the market's peak and added millions of dollars to it just before the price fell. King stated that as BTC plunged, the investor closed 90% of the BTC short position and fully exited an ETH short position, earning approximately $200 million in a single day. He suggested that this was the only traceable instance but that the actual scale was likely much larger, indicating that someone either manipulated the market or used insider information. King emphasized that the plunge appeared to be deliberately engineered and urged investors to be vigilant. The price of BTC fell sharply after U.S. President Donald Trump announced plans to impose a 100% tariff on China. The drop led to the forced liquidation of around $10 billion in futures positions over 24 hours.