Published: Thu, November 07, 2019
Markets | By Otis Pena

New Info on Bitcoin's Surge Points to "Whale"

New Info on Bitcoin's Surge Points to

The cryptocurrency market went through a parabolic price surge in late 2017 causing a stir around the financial world.

Academics who previously alleged that the Bitcoin (BTC) bull run in 2017 was manipulated, now claim that a single market whale was responsible for it. (Updated at 14:01 UTC: updates in bold).

"Tether seems to be used both to stabilize and manipulate Bitcoin prices", Griffin and Shams wrote in their controversial paper that took the crypto industry by the storm in June 2018.

Griffin and Amin Shams - of the universities of Texas and OH respectively - have updated their previous research, which made the case that market misconduct was allegedly behind Bitcoin's bull run to an all-time high of $20,000 in December 2017.

"Our effects counsel as a substitute of thousands of investors shifting the price tag of Bitcoin, it's just just one substantial 1", Griffin advised Bloomberg. Last month the coin, and its parent company Bitfinex, were accused of creating "the largest bubble in human history" in a class-action suit. "Years from now, people will be surprised to learn that investors handed over billions to people they didn't know and who faced little oversight".

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Griffin said in an interview.

Tether's general counsel Stuart Hoegner denied the promises, declaring that the lecturers' paper was "foundationally flawed" because it was based mostly on an insufficient details established. The exchange is owned and operated by the same executives who control Tether. The study claimed that the Bitfinex exchange had the capability to pump the price of Bitcoin whenever it fell below a certain market threshold. According to Bloomberg, which saw a prepublication version of a paper set to be published in the Journal of Finance, the authors conclude: "This pattern is only present in periods following the printing of Tether, driven by a single large account holder, and not observed by other exchanges".

"This is a transparent attempt to use the semblance of academia for a mercenary money grab", Hoegner told the publication.

Bitfinex said the study "lacks academic rigor".

"Macroeconomic experts and stakeholders in the cryptocurrency ecosystem understand that it is the global rise of digital currency that has driven the markets and demand for Tether".

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