Bitcoion has risen by a huge amount and it is now above $7500. This is the first time that it has done this in well over a month and there has been a lot of suspicion about this. An economist known as being Nouriel Roubini has claimed that all of this is due to price manipulation. They have also stated that this has also triggered the 10% price spike and that this all happened in the space of 30 minutes alone. Bitcoin is flying now and it has jumped by well over 10% since the last date and this is especially the case when you look at how the whole thing has performed in the last couple of years. Other coins have actually joined the party and this is especially the case when you look at coins such as Ethereum. It has managed to climb all the way to $504 and Ripple has even risen to $0.51 as well. A lot of analytic experts are very excited about this and this is especially the case when you look at the moving average on Monday. This is the first time that something like this has happened in the space of two months. Wallet holders are very hopeful and they are also hoping that this will continue to rise all the way up to $10,000. Nouriel Roubini is nicknamed as being Doctor Doom. This is all because of his tireless efforts to try and convince people that Bitcoin and other currencies are going to crash. He has stated that Bitcoin is apparently spiking by 10% and this has all happened in the space of 30 minutes. He believes that there is absolutely no news to backup this and so the only explanation could be due to the manipulation of it. Tether has come out to say that they have printed $200 million of fake money and this has also proven that Tether has been able to manipulate BTC and that it will help it to work again.
The only explanation of this is due to the price manipulation in general. The accusation is that Bitcoin’s sudden price spike is all down to those who want to manipulate the currency and this is especially the case for the folk over at Tether. A report has been published by the University of Texas and they have stated that they have found proof that during the downturn is all down to the fact that there really is something going on behind the scenes.
John Griffin and even Amin Shams work at the university and they have the most compelling opinion yet. They have stated that there is in fact a link between the Stablecoin and Tether. They have stated that all of this is down to the staggering price and how it has risen and fallen over the years. Tether is very controversial to say the least and this is all because it is tethered to the dollar. When you pay $1, you get 1 Tether token so you can see how this could be seen as being a bad thing.
The fear is all down to the fact that the new Tether coins have been created on a lot of different exchanges. This is what makes Bitcoin and even new currencies fluctuate over time. It is also said that new tokens have been created but not bought by using USD and this could be done to try and push prices back up and it could also be done to try and prove to people that this whole thing was only temporary. The study really does support this and it has also claimed to have a clear link when you look at the printing of the tokens and even the fact that there have been a lot of overheating prices as well. The study has also stated that by mapping out the blockchain of Tether and Bitcoin, you are then able to see that there are in fact entities associated with Tether and that this can really influence the market. If pricing supporting activities are successful and if Bitcoin does rise as a result of this then this would require some level of intervention. The effects are present only after you have some level of return and even negativity regarding the purchase and this is especially the case when you look at the price of Tether in general. The rise of Crypto and even the prices in general are all being credited to the report that came around yesterday. This came from the Financial Stability Board and they plotted the path for the G20 countries. This helped them to regulate your own currency and it also helps to bring them much closer to a mainstream financial goal. Prices rose after the FSB were able to deliver a framework and the CEO of a company called deVere group has come out to say that the FSB conclusion means that more and more financial institutions are working with cryptocurrency than ever before. He has also come out to say that the technology that comes with this is advancing and even that regulations are now in place. It’s safe to say that all of this is a good thing and that if things keep on going as they are then this could really change the world as we know it. Cryptocurrencies really are the future of the financial world and they are undeniably part of the mainstream finance. In June, Bitfinex were asked for a comment on these allegations and they also asked for more explanation regarding the Tether transactions as well. The CEO of the company then came out to reject the allegations and this includes the ones that were made in the University of Texas paper. A spokesman for the company also came out to say that Tether and even Bitfinex have never engaged in any sort of market manipulation. They went on to say that Tether issuances cannot be used to prop up the price of Bitcoin tokens or anything else of the sort.