Bitcoin’s rise as a form of digital currency was solidified by the cryptocurrency’s massive hike in 2017. The bull run of 2017 was unlike any other, as the king coin’s price pumped by over $16,000 over a span of 30 days.
Although the surge was extremely significant, a recent report suggests that BTC’s monumental rise may have been due to a single whale’s movement on Bitfinex.
According to John Griffin, Professor at the Univerisity of Texas, along with Amin Shams, Assistant Professor at Ohio State University, one single whale’s movement on Bitfinex led to the exponential hike in Bitcoin’s price. This was their finding in a paper published in 2018, a paper that has since been updated.
John Griffin told Bloomberg,
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one. Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.” Read More...