We have heard this before, but now it seems it may have a bit more meat to it...
Basically ever since Bitcoin hit $20k in late 2017, rumors have swirled with just how legitimate that rally really was.
There was a strong correlation with tethers being issued and the price of bitcoin going up.
There wasn't a lot of meat to those rumors initially, mostly just a lot of circumstantial evidence.
The fact that there have been snapshots released of bank account figures backing the amount of tethers in circulation have put some of those fears/rumors to rest, but not all of them.
Today, we got a new report claiming much of that rally in 2017 was caused by a single manipulator
That's right, a report on CNBC this morning said that much of the 2017 rally was conducted by a single whale.
How did they do it?
According to the report it was a large player using the Bitfinex exchange and you guessed it, tethers.
Very similar to what was suggested before.
From the report:
“We find that the identified patterns are not present on other flows, and almost the entire price impact can be attributed to this one large player. We map this data across both blockchains and find that the one player or entity (labeled as 1LSg throughout the paper) is behind the majority of the patterns we document.”
While it isn't totally clear precisely how they concocted this end from the discharge, they do appear to be quite persuaded about the outcomes.
Tie and Bitfinex are as of now being explored by both the Department Of Justice and the New York Attorney General.
My contemplations:
I think this is probably going to be valid.
While they may always be unable to completely demonstrate it, I watched the cost increments and pondering internally that it wasn't normal exchanging as I recall costs flying up whenever there was any sort of a plunge.
Practically like somebody was keeping costs from turning over.
What it at last means for tie and Bitfinex I have no clue now. The way that they are situated outside the US, I don't know how that effects US controllers/guidelines and so forth.
At last, I think regardless of whether Bitfinex were to be closed down or potentially ties expelled from trades, bitcoin will keep on walking on, for the most part unaffected over the long haul.
Which implies, regardless of whether there was a type of gigantic control previously, I think bitcoin will probably still endure and keep on chugging along going ahead.
Remain educated my companions.
Image Source:
-Doc
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