Record bitcoin price propped up by another digital currency

Record bitcoin price propped up by another digital currency

The study, by University of Texas finance professor John M. Griffin and graduate student Amin Shams, explored how digital currency Tether could have been used to inflate prices of other cryptocurrencies. "Tether issuances can not be used to prop up the price of Bitcoin or any other coin/token on Bitfinex".

Regulators worldwide are increasing their scrutiny of cryptocurrency markets.

The US Commodity Futures Trading Commission allegedly sent Tether - as well as cryptocurrency exchange Bitfinex, with whom it is closely affiliated - a subpoena in December, though it is not clear whether that investigation has or will result in any enforcement action.

Writing in a 66-page report titled "Is Bitcoin Really Un-Tethered?", Griffin and Shams argue that tether, a "stablecoin" that is allegedly backed by Dollars at a 1:1 ratio, has been repeatedly used to provide price support for bitcoin during market downturns.

Bitcoin soared previous year, peaking at almost $20,000 in December, before the price collapsed. "Bitfinex nor tether is, or has ever, engaged in any sort of market or price manipulation". It was at $6,624.45 on Wednesday afternoon.

"It was creating price support for bitcoin and, over the period that we examined, had huge price effects", Griffin said.

Charity group protests as Italy plans migrant voyage to Spain
Italy had argued that Malta, a tiny island nation that also is an European Union member, was the safest, closest port to the ship. Among those on board are 400 migrants rescued by the Italian navy and merchant vessels before being transferred to the Aquarius .

Splitting California Into 3 States Put on November Ballot
This is the third time Draper has tried to get voters to weigh in on breaking up the most populous U.S. state. Each state, though different in size, would have roughly the same population, according to the proposal.

Intel: Expect our first discrete GPUs by 2020
Discrete GPUs are standalone components from the CPU that enable more powerful graphics than the integrated GPUs Intel now offers. Intel's Raja Koduri, VP of the Core and Visual Computing Group.

In addition, the paper provides evidence that Tether's reserves are lacking in comparison to the amount of USDT in circulation, based off patterns found in the issuance of new USDT tokens and price movements.

What is interesting is that Griffin and Shams's paper describes Tether as being primarily used by Bitfinex, a major crypto-exchange, to purchase Bitcoin tokens from two other exchanges and most importantly did this only after periods of Bitcoin price declines.

The researchers used algorithms to analyze data from blockchains, the decentralized ledgers that underpin bitcoin and other virtual currencies, between the beginning of March 2017 to the end of March 2018.

"Overall, we find that Tether has a significant impact on the cryptocurrency market".

Bitfinex has denied being involved in any price manipulation schemes.

Related News:

  • Prince Harry has been secretly feeding Meghan Markle fashion advice

    Prince Harry has been secretly feeding Meghan Markle fashion advice

    Kate has attended since 2011 and has always worn an outfit that covers her shoulder and sleeves that go past her elbows. According to royal expert and Majesty magazine managing editor Joe Little , there's an etiquette to these things.
    Fed raises interest rates as unemployment nears record lows

    Fed raises interest rates as unemployment nears record lows

    Powell has repeatedly played down the dot plot as a guide to future interest rates, though investors continue to focus on it. Powell faces a tricky balancing act as the Fed attempts to bring interest rates toward historical averages.
    Merkel on tightrope over disputed migrant policy

    Merkel on tightrope over disputed migrant policy

    Merkel objects to turning away asylum seekers at the border, fearing it could lead other countries to do the same. She also praised Trudeau by saying that she is glad that he is " on the EU's side ." . "I accepted that.
  • Lopetegui sacked by Spain on eve of World Cup

    Lopetegui sacked by Spain on eve of World Cup

    The World Cup kicks off on Thursday when host nation Russian Federation plays Saudi Arabia at the Luzhniki Stadium in Moscow. Criticism of Real Madrid and Lopetegui was spreading as Rubiales flew to Spain's base camp in Krasnodar , Russia.

    John Boyega slams ‘Star Wars’ fans for harassing costars

    The midi-chlorians are the ones that communicate with the Whills. I haven't spoken to her so I am just as clueless. And the conduit is the midi-chlorians.
    Niall leaves Love Island for 'personal reasons'

    Niall leaves Love Island for 'personal reasons'

    Megan Barton has set pulses racing as she has joined the Love Island villa . Girls these days think you're trying to chat them up even when you're not.
  • American toddlers consume way too much added sugar, says study

    Ready-to-eat cereals, bakery items, sugar-sweetened beverages, yogurt, and candy can be major sources of added sugar. Herrick said the findings could have implications for the upcoming revision of the Dietary Guidelines for Americans.
    Google will block Chrome extension installs outside its Web Store

    Google will block Chrome extension installs outside its Web Store

    That change will be necessary because Google will remove inline installation programming support with the forthcoming Chrome 71. Finally, in December of this year, the latest version of Chrome (version 71) will not allow inline installs at all.
    Envision Healthcare (EVHC) Lowered to

    Envision Healthcare (EVHC) Lowered to "Market Perform" at William Blair

    The company reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of $0.64 by $0.07. Envision Healthcare (NYSE: EVHC ) shares have been decreased to a Hold rating by equity research analysts at Robert W.
  • Uber will soon be able to tell when a rider is drunk

    Uber will soon be able to tell when a rider is drunk

    A photographer (R) takes pictures of the logo for ride-hailing service Uber during a press conference in Taipei on April 13, 2017. Uber claims that many drunk riders find difficulty in getting their home and meanwhile haphazardly book a taxi.
    Keep Your Eyes on Hot Stock of Monday- Envision Healthcare Corporation (EVHC)

    Keep Your Eyes on Hot Stock of Monday- Envision Healthcare Corporation (EVHC)

    For example, a stock may near its 52 week low in a price correction after earnings expectations for future quarters were revised. The 50-day moving average is perceived to be the dividing line between a stock that is technically healthy and one that is not.
    Standing ovation for De Niro's expletive at Trump

    Standing ovation for De Niro's expletive at Trump

    His economic adviser then went on CNN to say that Trudeau had "stabbed Trump in the back" with his comments on tariffs. Many in the audience stood and cheered, while TV censors quickly bleeped out the offending words.


Most liked

United States, Mexico & Canada Bid Wins Vote For 2026 World Cup
It beat competition from Morocco by securing 134 votes ( including 11 from Africa ) compared to 65 for the North African nation. The U.S. last hosted World Cup games in 1996, Mexico last hosted in 1986 and Canada has never hosted men's World Cup matches.

AT&T wins court approval to buy Time Warner for $85B
CNBC is reporting that Comcast will try to buy Twenty-First Century Fox if AT&T buys Time Warner. Updated 2:18 pm PT: This story was updated with comments from AT&T and the Justice Department.

This Is Why So Many People Don't Like LeBron James
Golden State can't afford to rest on its laurels - the competition around them stands to be too formidable in 2019 and beyond. He got seven of the 11 votes cast by the media, with Curry getting the other four. "Most of it is not stable", Myers said.

MPR Raccoon removed from UBS roof; released into wild
The world is now watching a pretty ballsy raccoon who chose to climb a skyscraper earlier today and is yet to come back down. Paul Department of Safety and Inspection spokesperson, confirmed Tuesday evening that traps were set on the roof.

Reuters/Ipsos poll: Half of Americans approve of Trump's handling of North Korea
That concession to Kim appeared to catch the Pentagon and officials in Seoul off guard, and some South Koreans were alarmed. South Korea will now purchase F-35A stealth aircraft from Lockheed Martin, one of the company's most modern fighters.

Wetherspoons will stop selling Champagne
Pub chain Wetherspoons will cut the number of EU-sourced drinks and replace them with British ones in the run up to Brexit. Brexit is set to change what you drink in a major booze shake-up on the high street.

Trump economic adviser Larry Kudlow suffers heart attack
A longtime television commentator, Kudlow, 70, was hired by Trump in March to replace Gary Cohn as NEC director. White House spokesman Hogan Gidley said in a Twitter posting.

The Private Sector Eid Holidays Have Just Been Announced!
Eid, known in full as Eid ul Fitr, begins this year on June 15 and is when the first sight of the new moon is seen in the sky. During Ramadan, which ends at sunset on the final Thursday, Muslims do not eat, drink, have sex or smoke while the sun is up.

Trump declares North Korea ‘no longer a Nuclear Threat’
Trump's chest-thumping tweets seemed reminiscent of the "Mission Accomplished" banner flown behind President George W. President?" It appears even Trump was unclear on whether there was any record of his 40-minute talk with Kim.

Michael Cohen 'Stressed' He Could Be Arrested At Any Time
Trump has acknowledged that he reimbursed Cohen for the payment, but he has denied that the affair with Daniels took place. Following that deadline, the firm representing Cohen "is not expected to represent him going forward", ABC News reports .

NASA's Opportunity rover is braving an extreme dust storm on Mars
Water-rock chemistry might have generated the methane , but scientists can not rule out the possibility of biological origins. Some of the molecules identified include thiophenes, benzene, toluene, and small carbon chains, such as propane or butene.

New 595bhp Aston Martin Rapide AMR revealed
It rides 10 mm lower than the Rapide S and the three stage adaptive dampers have been tweaked to support this initiative. The Aston Martin Rapide AMR has been revealed, sporting racy looks, more power, and a super limited production run.

SNP walk out of Commons after freakish Speaker row
My mixed sequence of advice is that is better for the vote to be conducted at the conclusion of questions to the prime minister... But MSPs at the Scottish Parliament refused to give their blessing for May's Bill - something Blackford says has been ignored.

Thomas cements Dauphine pole as Bilbao wins stage READ MORE
The race is a good indicator of form heading into the Tour de France, which takes place from 7-29 July. Team Sky's Geraint Thomas was second over the line, with UAE Team Emirates' Daniel Martin in third.

Everyone gets free Taco Bell today
LeBron James and Cleveland Cavaliers being swept in the NBA Finals may have hurt millions of fans, but for the rest of us, it means we can enjoy free Taco Bell today.