RATE Group | Bitcoin’s 2017 price surge caused by one person?
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Bitcoin’s 2017 price surge caused by one person?

08 Nov Bitcoin’s 2017 price surge caused by one person?

Posted at 05:00h in Bitcoin News by

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  • A recent study claims that Bitcoin was manipulated through huge volume trades that increased the price.
  • John McAfee had predicted that Bitcoin will hit $1 million by the end of 2020.

According to a recent study, Bitcoin’s drastic price surge in 2017 was caused by one cryptocurrency trader. The University of Texas Professor John Griffin and Ohio State Assistant Professor Amin Shams studied Bitcoin transactions between March 2017 and March 2018. This research shows that Bitcoin was manipulated through huge volume trades that increased the price.

The paper, written by the academics, was shared with Bloomberg ahead of its publication in the Journal of Finance said:

This one large player or entity either exhibited clairvoyant market timing or exerted an extremely large price impact on bitcoin that is not observed in aggregate flows from other smaller traders

After the surge of Bitcoin price in 2017 ($20,000), Bitcoin experienced a few crashes in 2018, when…

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