Bitcoin price december 20174/15/2023 ![]() ![]() Instead, it runs on top of the Bitcoin blockchain using something called the Omni Layer Protocol. Commodity Futures Trading Commission, the cryptocurrency has steadily kept its USD-pegged value and is trusted by traders all over the world that use it everyday as hedge to keep their value during cryptocurrency bear markets.įrom a technical point of view, Tether does not own its on blockchain. Despite all the rumors and evidence that Tether Limited may actually not have enough dollars to back the amount of Tether issued, together with a subpoena issued by the U.S. Interestingly, the Paradise Papers leaks in November 2017 connected Tether Limited to two of the Bitfinex officials, unveiling an array of dark bonds and mutually beneficial relationships between Bitfinex and Tether. For this reason, Tether is known to be a “stablecoin”, because its value fluctuates very little around the US dollar value. Tether is a clearly controversial cryptocurrency (or token, to be more correct) born in late 2014 and whose more than shady creators claim to be backed 1:1 by USD dollars held in reserve by Tether Limited. The Jupyter Notebook used for this post can be found in the end of the article. However, the results shown here are probably the currently most updated on the internet and, hopefully, a bit easier to understand than the cited publications. The ideas and analysis methods of this article are not new, they are all taken from or inspired by the recently published paper “ Is Bitcoin Really Un-Tethered? ” by John M. In this article, we analyze the correlation between the printing of new tokens of a USD-backed dollar cryptocurrency called Tether and the upraise of Bitcoin prices in late 2017, constituting probably one of the latest large-scale market manipulations and bubbles whose consequences only recently we started to see. Statistical analysis of Bitcoin price manipulation by Tether issuance in late 2017 ![]()
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