Bitcoin 2017 Surge Caused By Single Entity: Bloomberg

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Last year, two academics concluded that the Bitcoin rally in 2017, when the cryptocurrency hit the all-time high, was caused by manipulation. Now the research authors figured out that the surge was likely caused by a single entity. Single Whale Behind Bitcoin’s Dec 2017 Rally In 2018, John Griffin, professor at the University of Texas, and Amin Shams, assistant professor at the Ohio State University, published a paper that claimed the Bitcoin astronomical gain in late 2017 was the result of manipulation. Now the duo voiced interesting updates. They alleged that a single entity on cryptocurrency exchange Bitfinex might be responsible for the crazy uptrend. The whale could send the Bitcoin price higher whenever it declined below certain limits. Tether’s USDT, the stablecoin supposedly backed by US dollars with the ratio of 1:1, was used for most of the transactions, Griffin claims. He stated in an interview with Bloomberg: Our…

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