Published On: Thu, Jun 14th, 2018

New Research Claims Bitcoin Price was Manipulated using Tether (USDT)

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New research out of the University of Texas alleges that the price of Bitcoin throughout its bull run in 2017 was being manipulated using Bitfinex’s Tether currency.
Tether May Have Been Used to Prop Up Bitcoin
A recently published paper by Professor John Griffin and graduate student Amin Shams examined the traffic of cryptocurrencies on the Bitfinex exchange and found a correlation between price slumps in Bitcoin and other coins and instances when Tether was issued and sold by the owners of the exchange. The paper alleges that these instances may account for about 50% of the price increases of Bitcoin and 64% of others trading in the top ten.
Professor Griffin emphasized that the pattern of transactions that he and his research partner found played a significant role in last years unprecedented price gains in the crypto market in a recent interview with the New York Times. He told the paper,

“There were obviously tremendous price increases last year, and this paper indicates that manipulation played a large part in those price increases.”

Tether, as its name suggests, is pegged to the value of the US dollar and can be used to buy other crypto coins. J. …

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