Published On: Wed, Jun 13th, 2018

‘Really Un-Tethered?’ Bitcoin Price Manipulation Returns With New Research

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Days after Tether (USDT) gained a higher market cap than Monero and Dash, new research has reignited suspicions that the altcoin “manipulated” Bitcoin prices. 
Cryptocurrency Highs Fuelled By Tether
The product of two researchers at the University of Texas, the paper — titled Is Bitcoin Really Un-Tethered? — claims to have identified potential evidence of direct price manipulation since November 2017. Bitcoin’s all-time highs around $20,000 one month later — and those of major altcoins — were also a result of Tether flooding the market with coins, they say.
The results came following transaction analysis of Tether creator and issuer cryptocurrency exchange Bitfinex.
The paper’s abstract explains:
Using algorithms to analyze the blockchain data, we find that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.

‘Seems Credible’
Both Tether and Bitfinex have regularly come under suspicion over price manipulation in recent months. In addition to cryptocurrency industry pressure, a US regulatory subpoena in January hastened the decline in prices …

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