{"id":9306,"date":"2023-08-17T12:50:17","date_gmt":"2023-08-17T19:50:17","guid":{"rendered":"https:\/\/mattfife.com\/?p=9306"},"modified":"2023-09-16T17:46:55","modified_gmt":"2023-09-17T00:46:55","slug":"signs-of-bitcoin-manipulation-returning","status":"publish","type":"post","link":"https:\/\/mattfife.com\/?p=9306","title":{"rendered":"Signs of bitcoin manipulation returning"},"content":{"rendered":"\n
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Back in 2017, John Griffin, a professor of finance at the University of Texas McCombs School of Business, noticed something strange. They were fascinated to see that a little-known token, Tether, that\u2019s supposed to be backed one-for-one to the dollar was getting printed in large quantities. That clue led the pair to another: When new batches appeared, the price of Bitcoin seemed to jump. It looked like someone, or a group, was using that freshly printed \u201cfree money\u201d to inflate Bitcoin\u2019s price for their own profit.<\/p>\n\n\n\n

In 2018, they coauthored a groundbreaking study<\/a> showing that a single, still unidentified, Bitcoin \u201cwhale\u201d almost singlehandedly drove the token\u2019s giant run-up in late 2017 and early 2018 by distorting the trading in the token.<\/p>\n\n\n\n

He believes it is happening again<\/a>.<\/p>\n\n\n\n

Toward the end of 2022, another mystifying trend caught Griffin\u2019s eye. Despite the crypto crash and myriad other negative forces, every time Bitcoin briefly breached the $16,000 floor, it bounced above that level and kept stubbornly trading between $16,000 and $17,000. Almost unbelievably, as the crypto market has continued to unravel into 2023, Bitcoin has gone in the opposite direction, trading up 35% since Jan. 7 to $23,000.<\/p>\n\n\n\n

\u201cIt\u2019s very suspicious,\u201d Griffin told\u00a0Fortune<\/em>. \u201cThe same mechanism we saw in 2017 could be at play now in the still unreal Bitcoin market.\u201d<\/p>\n\n\n\n

Update: It’s not like other cryptocurrencies are exhibiting strange behaviors either. Such as a Ether whale that dumped $41M just days before the market crashed.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Back in 2017, John Griffin, a professor of finance at the University of Texas McCombs School of Business, noticed something strange. They were fascinated to see that a little-known token, Tether, that\u2019s supposed to be backed one-for-one to the dollar was getting printed in large quantities. That clue led the pair to another: When new batches appeared, the price of Bitcoin seemed to jump. It looked like someone, or a group, was using that freshly printed \u201cfree money\u201d to inflate…<\/p>\n

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