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Last year’s meteoric rise in the value of Bitcoin and other cryptocurrencies might well have been artificially inflated, according to a paper released on Wednesday by University of Texas finance professor John Griffin and graduate student Amin Shams. The suspected culprit: people using Tether, one of the most-traded cryptocurrencies, to buy bitcoin when the price dips: Tether seems to be used both to stabilize and manipulate Bitcoin prices. Bitcoin hit a 16 December 2017 peak of $19,343 before it bumped and thumped on down to USD $6,591.94 (the current price as of writing).

That’s a massive deflation, but it’s looking like the inflation itself might have been based on little besides hot air and market manipulation. According to Griffin, the drive up to nearly $20,000 was likely manipulated by coordinated purchases of bitcoin when they were selling low at exchanges. Read more from nakedsecurity.sophos.com…

thumbnail courtesy of sophos.com