[null, {"document_url": "http://uspolitics24.com/2018/06/13/record-bitcoin-price-propped-up-by-another-digital-currency.html", "unformatted_src": "https://media.consumeraffairs.com/files/cache/news/Bitcoin_and_stock_exchange_concept_SlavkoSereda_Getty_Images_large.jpg", "src": "https://media.consumeraffairs.com/files/cache/news/Bitcoin_and_stock_exchange_concept_SlavkoSereda_Getty_Images_large.jpg", "formatted_filename": "Bitcoin and stock exchange concept SlavkoSereda Getty Images large", "alt_text": "Record bitcoin price propped up by another digital currency"}, null]
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.

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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.



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