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Bitcoin price dropped further yesterday following the publication of a 66-page paper academic paper, which suggests that the cryptocurrency prices were successfully pushed up when they slumped at other exchanges, by using another virtual currency called Tether.
John Griffin, a finance professor at the University of Texas, and graduate student Amin Shams have analyzed blockchain purchases and discovered that major Tether buys were timed to follow market downturns and helped stabilize bitcoin’s floor.
“Tether seems to be used to stabilize and manipulate Bitcoin prices,” they said in the paper, adding: “…These patterns cannot be explained by investor demand proxies but are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices,” they observed in the study.
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