Cryptocurrency
Bitcoin is slipping after a study found signs its 2017 bull run was driven by market manipulation via @businessinsider
As reported by Business Insider, “The price of bitcoin fell against the dollar on Wednesday after an academic paper found signs the cryptocurrency’s 2017 bull run was caused by market manipulation at a major exchange — allegations denied by the CEO. “Academics at the University of Texas at Austin on Wednesday published a paper analyzing whether […]
As reported by Business Insider, “The price of bitcoin fell against the dollar on Wednesday after an academic paper found signs the cryptocurrency’s 2017 bull run was caused by market manipulation at a major exchange — allegations denied by the CEO.
“Academics at the University of Texas at Austin on Wednesday published a paper analyzing whether the cryptocurrency Tether ‘influences Bitcoin and other cryptocurrency prices during the recent boom.’
“The academics concluded that the price patterns were ‘most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices.’
“Tether is a cryptocurrency supposedly backed by the US dollar one-for-one, offering the stability of the currency but the flexibility and functionality of cryptocurrency. The cryptocurrency was created by many of the same people behind the leading cryptocurrency exchange Bitfinex. ”