New study reveals controversial views around record Bitcoin price

The researchers found that the price patterns of Bitcoin are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices. The researchers looked at the relationship between Tether and the price of Bitcoin between March 2016 and March 2018 focusing on last year. The price rose to almost USD 20,000 in December and then dropped to USD 6,600 by March. It’s now trading below that, with price hovering at around USD 6,480 at the time of this writing, and dropping.

For those who may not know much about Tether, it’s a token meant to help traders buy and sell cryptocurrencies for US dollars across exchanges and increase the speed of transfers. Every single Tether should always be valued at USD 1, and each Tether should be backed up by a real dollar.