Bitcoin price highs in 2017 were not the result of a single trader on an exchange, the CEO of payment company Circle claims.
Its issuance, researchers argue, coincided with Bitcoin price jumps.
For Allaire the idea that one Tether trader engaged in manipulation on an exchange had no logic.
"Wake up call; every market is 'manipulated'. Everybody tweeting something about the price of a certain asset is 'manipulating' the market. Doesn't mean you can't make money," trader Michaël van de Poppe summarized in a Twitter post on Monday.
Bruce Fenton, former executive director of the Bitcoin Foundation, criticized the technical proficiency of the data.
The dispute comes as curious movements in Bitcoin price continue.
While Bitcoin's price is now 50% lower, Tether's market cap has increased four times over to current levels of $4.1 billion.
According to Elaine Ou, a Bloomberg contributor formerly with Bitcoin mobile wallet app Abra, exchanges were unprepared for the consequences of Beijing's ban on crypto trading.
Citing research from crypto industry startup Chainalysis, Ou said Chinese investors had stockpiled Bitcoin using yuan in advance.
"Coinbase saw so much trading activity that the exchange 'broke.' And the idea that a lone whale fueled this yearlong Bitcoin bull run is more than a little silly."
3 Reasons Why One Trader Didn't 'Manipulate' Bitcoin Price to $20K
gepubliceerd op Nov 6, 2019
by Cointele | gepubliceerd op Coinage
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