Bitfinex & 2017’s Price Rise to Nearly $20k
Bitfinex Sparks Controversy Allegedly Manipulating $20,000 Bitcoin Price High
Per a paper published by the University of Texas Professor John Griffin and Ohio State University’s Amin Shams, Bitcoin’s run to a record high near $20,000 in 2017 was caused by a single market whale.
Initially reported by Bloomberg, the paper, which is an update on an earlier one by the same authors, states that the single market whale operates on Bitfinex with the transactions relying on Tether:
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one.”