Bitcoin fell 2% on Wednesday after a new academic paper was published claiming bitcoin’s price run to December last year was driven by manipulation.
The University of Texas paper alleges that exchange Bitfinex may have used Tether, a cryptocurrency it is closely linked to, to support the price.
Bitfinex’s CEO told BI: “Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.”

The price of bitcoin fell against the dollar on Wednesday after an academic paper claimed the cryptocurrency’s 2017 bull run was caused by market manipulation at a major exchange — allegations denied by the CEO.

Academics at the University of Texas on Wednesday published a paper analysing whether cryptocurrency Tether “influences Bitcoin and other cryptocurrency prices during the recent boom.”

The academics concluded that the price patterns are “most…

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