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Report: DOJ launches probe into possible cryptocurrency price manipulation

The U.S. Justice Department has started an investigation into the possible manipulation of bitcoin and other cryptocurrency prices, Bloomberg News reported, citing "four people familiar with the matter."

The report said the Justice Department is working with the Commodity Futures Trading Commission — the regulator that oversees derivatives tied to bitcoin — to look into possible illegal practices among traders that can influence prices, such as spoofing and wash trading.

Regulators have been wary of cryptocurrency because of its decentralized nature. The investigation, which is in its early stages, is the government's latest effort to crack down on the cryptocurrency industry, Bloomberg wrote.