There are still plenty of people who believe the 2017 crypto price surge was a massive manipulation effort. LongHash researchers now indicate the “one whale theory” can’t be true, for a variety of reasons.
In the research document, the company explains what really happened to the Bitcoin price during the 2017 rally.
There is no Tether Manipulation
By creating their own Tether-related metric, they deemed it impossible for one user to utilize sufficient USDT to trigger such a major Bitcoin price increase.
When comparing the total Tether supply with the amount of Bitcoin one could purchase at that time, the numbers simply do not add up in the slightest.
Although the report confirms there was an increase in USDT stage, the trend tapered off rather quickly.
In fact, they indicate the manipulation through Tether – if there was any – would only occur when the Bitcoin price retrace started taking shape.
As such, it is virtually impossible for USDT to make a Bitcoin price impact when the value of the world’ leading cryptocurrency is on the rise.
That is very different from all of the conspiracy theories that have floated around in the cryptocurrency industry since late 2017.
This report also confirms the refutal of any manipulation allegations involving the Bitfinex exchange.
That company has always remained adamant as to how they had no role in the rise and fall of the Bitcoin price at any given time.
The downside to this research is how people will have to continue floating theories as to why Bitcoin nearly hit $20,000 in 2017 and failed to do so again ever since.