Tether rejects the idea of a whale pushing Bitcoin’s price in December 2017


John Griffin and Amin Shams, two researchers that studied the phenomenal rise of Bitcoin’s price in December 2017, pointed out that a rich individual or group (a so-called whale) took advantage of Tether to pump Bitcoin’s price to the historical record of $20,000 in December 2017.
After multiple positions in the market from various analysts and media sources, Tether has stepped once again forward to respond to the allegations and reject such as incredible idea altogether.
In an online publication, Tether officials looked to respond to the accusations raised by the study “Is Bitcoin really independent of Tether?”. Tether representatives emphasized that the researchers’ study is based on thin air and there is no real data to support such a thesis.
In their latest update, John Griffin and Amin Shams said that Bitcoin turnover in 2017 would have been allowed by the action of a very large investor.
Tether’s response underlined the study’s flaws with even its authors admitting they lack accurate data on transactions and the directions of the capital flow between crypto exchanges. As a conclusion, the authors shouldn’t be able to pinpoint a clear timeline of the events that would have triggered the so-called manipulation of Bitcoin’s price in December 2017.
Further on, other analysts are emphasizing that the crypto market is much too complex to allow a single party to engage in a price manipulation activity.
As for the argument of large investors in Tether which would have pushed Bitcoin’s price up, Tether argues that this is a simple assumption and it does not reflect the transactions’ complexity in the Bitcoin ecosystem.
In another counterargument, Tether reps add that a growing demand in the market for Tether stablecoin was simply ordered by the increasing number of participants who wanted to benefit from Bitcoin’s explosive price jump.
The debate on determining the role of Tether in raising the price of Bitcoin at the end of 2017 is difficult to determine and various theories are still at work.

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