Has Bitcoin Come Upward To The Halt Of Its Tether?

See what she did there?
No? Read on.

From FT Alphaville:

Remember Tether, the eurodollar-lookalike digital currency that many people suspected of playing a major role inwards propping upwards the cost of bitcoin as well as other cryptocurrencies?
H5N1 new paper from University of Texas finance professor John Griffin -- an academic who is known for uncovering fraud as well as manipulation inwards to a greater extent than traditional fiscal instruments such equally the VIX index -- as well as graduate educatee Amin Shams provide roughly potent show for such up-propping.

Here's a summary of the report's findings, released Wednesday, (emphasis ours):

Using algorithms to analyze the blockchain data, nosotros notice that purchases alongside Tether are timed next marketplace downturns as well as upshot inwards sizable increases inwards Bitcoin prices. Less than ane per cent of hours alongside such heavy Tether transactions are associated alongside l per cent of the meteoric ascension inwards Bitcoin as well as 64 per cent of other superlative cryptocurrencies. The menses clusters below circular prices, induces asymmetric autocorrelations inwards Bitcoin, as well as suggests incomplete Tether backing earlier month-ends.

These patterns cannot last explained past times investor ask proxies only are well-nigh consistent alongside the supply-based hypothesis where Tether is used to provide cost back upwards as well as manipulate cryptocurrency prices....

...MUCH MORE