Study Reveals: Bitcoin $20,000 Bull-Run Caused By One Whale

Study Reveals: Bitcoin $20,000 Bull-Run Caused By One Whale”

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

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.

Griffin and Shams now tell Bloomberg that just a single whale was likely behind the behavior. "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".

The research: Griffin and Shams studied Bitcoin and Tether transactions from March 1, 2017, to March 31, 2018.

They added that such patterns are unlikely to be the result of chance and that one massive trader had "an extremely large price impact on Bitcoin".

Meanwhile, Tether denied the new findings with General Counsel Stuart Hoegner telling Bloomberg that the paper is foundationally flawed, lacks academic rigor, and was probably published to back a "parasitic lawsuit" recently filed against Tether.

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Nevertheless, both Bitfinex and Tether have been surrounded by controversies for years, with the companies being owned and managed by the same executives.

"This is a transparent attempt to use the semblance of academia for a mercenary money grab", Hoegner said. The development was reported by Bloomberg on November 4. The Justice Department has since opened a criminal investigation into whether Tether was being used to manipulate Bitcoin.

This is not the first time Bitfinex and Tether make headlines.

Back again in April, the New York Legal professional General's place of work said that Bitfinex lost access to $850 million held by 3rd-bash payment processor Crypto Capital, and covered up the losses by borrowing from Tether's reserves.

In an update to their previous research, the academics are intensifying their argument, which is set to be formally published in a forthcoming peer-reviewed paper for the Journal of Finance.

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. Unclear, but the authors suggest Bitfinex execs were clued in.

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