Bitcoin’s 2017 price surge triggered by a single manipulator claims John Griffin – Bitcoin Price News

John Griffin and Amin Shams have updated their study of Bitcoin's 2017 surge. The professors have asserted that bitcoin price was pushed up by a single crypto whale and not by thousands of investors. Besides this, they state that one entity on the cryptocurrency exchange Bitfinex is also proficient at hiking the Bitcoin price higher, and the transactions of BTC rely on Tether.

The study rotating about Bitcoin’s all-time-high surge has been refreshed with a new claim. As per the latest reveal, it was a lone bitcoin investor with the power to move prices who carried out the misconduct.

John Griffin and Amin Shams, the two professors from the University of Texas and Ohio State University, first published the white paper in 2018, reporting that manipulations triggered the hike. Griffin, in his latest interview, stated, “Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one. Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”

According to the latest update, an entity of Bitfinex seems capable of pushing up the bitcoin prices when it falls below specific thresholds, and the dollar-pegged Tether is relied upon for the transactions. However, Stuart Hoegner, the General Counsel of Tether, has refuted the claims, stating that the study is “foundationally flawed” as it is based on inadequate data. He also reverts, saying that the allegations are of no value and are an attempt to ” semblance of academia for a mercenary money grab.”

Tether and Bitfinex are not under accusations for the first time. A lawsuit has been filed against both, indicting them of covering-up a loss of $850 million.

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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