Cryptocurrencies
Tether Used to Manipulate Price of Bitcoin During 2017 Peak: New Study
- Study examines Bitcoin’s run to almost $20,000 last year
- Data suggests a ‘conscious strategy to provide price support’
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Tether, one of the most-traded cryptocurrencies, shows a pattern of being spent on Bitcoin at pivotal moments, helping to drive the world’s first digital asset to a record price in December, according to research by a University of Texas professor known for flagging suspicious activity in the VIX benchmark.
“Tether seems to be used both to stabilize and manipulate Bitcoin prices,” finance professor John Griffin and co-author Amin Shams wrote in a paper released Wednesday.