John McAfee has been a standout amongst the most prevalent online influencers of the crypto network. The former CEO of McAfee associates is known for his cost expectations of the crypto verse and the capacity to have an impact on the investors.
John McAfee tweeted:
“The main stream media – controlled by the existing power structure – reports that price manipulation was involved in Bitcoin’s price rise last year. Manipulation did happen, but it was a conspiricy to push the price of Bitcoin to the absurd low level that you see today. Wise up!”
Prince Vlencia, a Twitter user commented:
“is it the beginning of the end sir?”
To which, John McAfee replied saying:
“Good God no!!! Please people . . . Technology advancement are with us. It is not possible for us to lose.”
A concentrated crusade of price manipulation was presented on Wednesday, June 13th, by a scholastic with a past filled with spotting misrepresentation in money related markets. This representation was about the manipulations of Bitcoin’s price. The paper was written by John Griffin, a Finance professor at the University of Texas, and Amin Shams, a graduate.
Griffin, professor of University of Texas said:
“There were obviously tremendous price increases last year, and this paper indicates that manipulation played a large part in those price increases,”
The report by Griffin is titled “Is Bitcoin Really Un-Tethered?”. There has been an argument recorded where Griffin and Shams argue that Tether is allegedly backed by USD at a 1:1 ratio, and has been repeatedly used to provide price support for Bitcoin during market downturns.
This paper investigates further, whether Tether influenced Bitcoin and other cryptocurrency prices during the recent boom. Using algorithms to analyze the blockchain data, the team found that the purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices.
Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.
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