There’s a wild theory that the price of Bitcoin is being propped up—and the academic who proved manipulation in 2017 suspects it may be happening again

[JASCoder]

A most interesting read - could what had happened 5 years ago, be again occurring today - but by a cabal of whales rather than by individuals ?

Quote

The authors focused on the 1% of all one-hour intervals between the beginning of March 2017 and end of March 2018 that featured the largest combinations of large Tether issuance on Bitfinex, and big Bitcoin buys on two other exchanges, Bittrex and Poloniex. Just before the start of each period, Bitcoin prices were under pressure. But in each case, it appeared that a single huge buyer rode to the rescue, pushing the token sharply higher by the end of the 60-minute interlude. The “whale,” whose identity remains a mystery, was using Tether to buy Bitcoin and hike its price. “We saw a regular pattern of very sizable price reversals,” recalls Shams.

The 95 one-hour spans that witnessed those big Tether and Bitcoin inflows accounted for nearly 60% of Bitcoin’s immense gains over those 13 months.

https://fortune.com/2023/02/02/bitcoin-manipulation-price-outlook/ 

( if you hit a paywall, it’s archived here : https://www.removepaywall.com )

Edited February 5 by JASCoder
wording