Cryptocurrency Tether Used To Boost Bitcoin Prices Study Finds

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NEW YORK – There is evidence that tether, a digital currency pegged to the U.S. dollar, may have been used to manipulate the price of bitcoin BTC=BTSP and other cryptocurrencies, according to a research paper released by the University of Texas on Wednesday.

“Tether seems to be used both to stabilize and manipulate bitcoin prices,” said the paper’s co-authors, professor John Griffin and doctoral student Amin Shams.

Critics of tether have raised concerns over the past year about whether Tether Limited actually holds $1 in reserve for each tether issued, as it claims. More than $2.2 billion of tether was issued between March 2017 and January 2018, according to the paper.




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