RATE Group | One Whale Was Behind Bitcoin’s 2017 Bull Run, Claim Researchers
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One Whale Was Behind Bitcoin’s 2017 Bull Run, Claim Researchers

04 Nov One Whale Was Behind Bitcoin’s 2017 Bull Run, Claim Researchers

Posted at 08:57h in Bitcoin News by

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Researchers have escalated their claims about market manipulation in winter 2017, now claiming that a single whale was responsible for Bitcoin’s historic price surge. The development was reported by Bloomberg on Nov. 4.

John M. Griffin and Amin Shams — of the universities of Texas and Ohio respectively — have updated their previous research, which made the case that market misconduct was allegedly behind Bitcoin’s bull run to an all-time high of $20,000 in December 2017. 

“Clairvoyant market timing” or manipulation

Griffin and Sham’s analysis, first published in a research paper in June 2018, had argued that transaction patterns on the blockchain suggested Tether had been used to provide price support and manipulate the Bitcoin market:

“Purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. The flow is attributable to one entity, clusters below round prices, induces asymmetric autocorrelations in Bitcoin, and…

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