BTC’s price in 2017 was manipulated. Or not?
Longhash made an announcement that they had conducted a new research. In the work they show the evidence, which is debunking the single-player theory. So the dramatic price increase of BTC’s price in 2017 might have been manipulated.
Longhash announced on the 18th of November that they have created a new metric “Tether Purchasing Power”. As a result, this new metric can add more light on the question if Tether was just a tool of crypto market manipulation. Just as a reminder: itmight have resulted in bullish run two years ago.
BTC’s price falls – Tether secret skill works
The Longash’s metric was created to measure the amount of BTC which is possible to buy with the Tether supply. The thing is, that the higher the rate, the more influence Tether has. It means that it could manipulate the markets as a result.
According to the records and available statistics, Tether Purchasing Power dramatically increased in the 2017, two years ago. So it happened exactly at the time of famous bull run which lead to the BTC’s price increase as well. This data was provided by the researches during one of the metric’s presentation. According to the same statistics, the purchasing power started to decline closer to the end of the year. Though BTC’s price was still moving higher and higher.
The provided data shows that Tether potentially has ability to manipulate the crypto markets. However the impact increases when the BTC’s price falls. The lower price – the more influence. So it shows that it was not the Tether’s issuance that pushed the 2017th’ bull market. Even if some talks about it were circulating and spinning around for a while, it can be misinforming. On the contrary, Tether’s supply failed back then. But will it be the reason solid enough to discard the results of the research? Hardly possible.