Forensic Researchers Claim a Single Whale Caused the 2017 Bitcoin (BTC) Spike | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
John Griffin and Amin Shams, two well-known forensic researchers, have built on their previous research which accused Tether (USDT) of single-handedly causing the 2017 bitcoin rally. According to research shared with Bloomberg, the two have found that when BTC decreased in a certain increment on Bitfinex, one single whale exerted enough orderbook pressure to flip the momentum, single handedly leading the entire market to believe there was strong, dispersed demand, November 4, 2019.
Examining the Claims
John Griffin and Amin Shams are the forensic researchers that alerted the market of potential manipulation in the volatility index (VIX), so their words aren’t to be taken all that lightly.
The two rose to crypto fame with their research paper titled “Is Bitcoin Really Un-Tethered”. While this paper highlighted the strong correlation between BTC pumps and Tether issuance, their new research claims all of the pump came from a single entity operating on Bitfinex.
Stuart Hoegner, general counsel at Tether, vehemently denies the credibility of the research conducted by the duo. His claims revolve around a lack of data points, but he went on to accuse Griffin and Shams of propelling a “parasitic lawsuit“.
As of now, there is no accurate way of ascertaining what is what, as the paper will only be published in the next edition of the Journal of Finance.
Validity of the Thesis
From a data validity angle,