One Whale Was Behind Bitcoin’s 2017 Bull Run, Claim Researchers

Bitcoin whale may have manipulated coin’s price to spur 2017 bull run

The new perspective is part of ongoing academic research first published previous year, alleging that market misconduct, led to the price of Bitcoin reaching an all-time high towards the end of 2017.

One particular solitary whale on cryptocurrency exchange Bitfinex was reportedly able to drive up Bitcoin's selling price when it fell down below specific values, in accordance to the University of Texas Professor John Griffin and Ohio Condition University's Amin Shams, Bloomberg experiences.

Chart by TradingView " Our results suggest instead of thousands of investors moving the price of Bitcoin, it's just one large one. "Years from now, people will be astonished to find out investors handed above billions to men and women they didn't know and who confronted tiny oversight".

According to Bloomberg, the cryptocurrency whale used popular cryptocurrency exchange Bitfinex to send BTC's price higher when it fell below certain thresholds, via transaction that relied on Tether's USDT stablecoin.

"Simulations present that these patterns are hugely unlikely to be thanks to possibility".

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 research was probably published to back a "parasitic lawsuit", the general counsel added.

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The authors didn't want to name the entity who they think was behind the move.

Both Bitfinex and Tether are not new to controversies.

"This is a transparent attempt to use the semblance of academia for a mercenary money grab", Hoegner told the publication. He said the study "lacks academic rigor".

Bitcoin's rise as a form of digital currency was solidified by the cryptocurrency's massive hike in 2017. The development was reported by Bloomberg on November 4. Though charged by the Commodity Futures Trading Commission and the US Justice Department in 2017 for its use in market manipulation, Tether was acquitted at last. Tether Ltd. and Bitfinex share owners and managers.

In late October, a Crypto Capital official was arrested as part of a Polish probe for allegedly laundering the proceeds of drug sales for an global crime group. Polish media, including Radio RMF, said the suspect is Ivan Manuel Molina Lee, Crypto Capital's president.

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