According to Bloomberg News on May 24th, the United States Department of Justice (DOJ) has investigated whether Bitcoin has price manipulations. In response, Mike Novogratz, a billionaire investor and former hedge fund manager, said that this will help the long-term healthy development of the cryptocurrency market.

In an interview with Bloomberg, Novogratz, founder of the cryptocurrency commercial bank Galaxy Digital, said that the strengthening of supervision will help clear up bad actors in the newborn ecosystem .

Novogratz said:

“Clearing bad actors is a good thing. It is not a bad thing for the health of the market. A large number of exchanges use these high numbers to create a fiery atmosphere for cryptocurrency investments.”

As the CCN reported, the Ministry of Justice is scrutinizing whether cryptocurrency traders and other market participants are engaged in illegal activities to manipulate the price of Bitcoin and other major cryptocurrencies.

Among Wall Street investors bullish on cryptocurrency, not only Novogratz is optimistic about the survey.

Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, said that the company welcomes any investigation that would help improve market rules and stop bad actors. Gemini recently reached an agreement with Nasdaq to use Nasdaq’s monitoring technology to mark abnormal trading patterns in real time.

Tom Lee, founder of Fundstrat Global Advisors, said the survey is “real news” because it will bring “parental oversight” to the cryptocurrency market . A few days ago, Fundstrat predicted that the price of Bitcoin will reach 25,000 US dollars by the end of this year. Despite the recent decline in Bitcoin, Fundstrat has not wavered.

image via Twitter

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