It’s getting hard to pump amid the dump in the $209 billion cryptocurrency market.
At least that appears to be the case when you look at Tether, one of the most-traded digital assets and also one that’s allegedly been used to manipulate the price of Bitcoin. Over half a billion dollars of Tether has been created in August alone, a move that in the past would have often coincided with a rally in Bitcoin, yet the larger cryptocurrency has fallen 15 percent.
The assets moved much more in lock step last year, when Bitcoin hit an all-time high, according to a University of Texas professor whose research showed that “Tether seems to be used both to stabilize and manipulate Bitcoin prices.”
Questions about Tether and Bitfinex, one of the world’s largest crypto exchanges that also shares the same management team, have dogged the virtual currency world since last year, when Bitfinex lost banking relationships yet continued to operate.
from FA News https://www.fa-mag.com/news/not-even–515-million-in-new-tether-can-help-this-crypto-dump-40482.html
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