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CryptoNewsBreaks – Bitcoin Prices Drop Following Publication of Study by University of Texas-Austin

Company: Bitcoin
Category: News

Bitcoin dropped 2% Wednesday morning, falling as low as $6,385. A post published Wednesday by TIME indicates that the latest crash may be the result of a recently released study by University of Texas-Austin researchers. The new study, conducted by University of Texas finance professor John M. Griffin and graduate student Amin Shams, suggests that the prices were manipulated when Bitcoin climbed from $800 to almost $20,000 last year (http://ccw.fm/XhcZ1). The research presents evidence that another cryptocurrency named Tether was used to purchase Bitcoin after market dips, thus raising Bitcoin prices. Bitcoin isn’t the only cryptocurrency collapsing throughout this year. Litecoin, for example, hit a new low for the year on Wednesday at $97. The fall represents an almost 75% decrease from Litecoin’s all-time high of $379 in December. In addition to the potential of price manipulation, some attribute the trending drops to investors’ concern of hackers in the crypto space. Following the announcement of a South Korean crypto exchange being hacked last week, Bitcoin dropped 10%. In the University of Texas study’s conclusion, researchers state, “These findings suggest that external capital market surveillance and monitoring may be necessary to obtain a market that is truly free.”

To view the full article, visit http://ccw.fm/yas6K

About Bitcoin

Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls bitcoin and everyone can take part. Through many of its unique properties, bitcoin allows exciting uses that could not be covered by any previous payment system. For more information, visit www.Bitcoin.org

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