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CryptoWatch: Bitcoin falls, but off session lows sparked by report of Justice Department probe

Bitcoin BTCUSD, +0.08% recovered some ground on Thursday, after the digital-currency market was rattled by a Bloomberg reported that the Justice Department was investigating potential price manipulation in the cryptomarket, helping to briefly undermine the legitimacy of the nascent asset.

The report said the probe related to so-called spoofing—a fraudulent tactic that involves placing a flood of orders—which are rapidly withdrawn before they are executed—with the intention of deceiving other investors and profiting from the fabricated price swing in an asset.

“The level of oversight is yet to arrive in the bitcoin market,” said Tom Sporkin, partner at Buckley Sandler and former chief of the office of market intelligence at the Securities and Exchange Commission.

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