Price Manipulation Study proves a whole Lot of nothing, Crypto movie Coming out

The long awaited results of the Cryptocurrency price manipulation study involving Tether and Bitfinex finally was revealed and it was more a whimper than a roar. If your interested in the full results, you can check it out Here.
It basically found that Tether caused bitcoin’s price to move up 4 basis points per 100 bitcoins. That is roughly saying that Bitfinex’s purchase of Bitcoins with tether caused bitcoin’s price to go from $10,000 to a whopping $10,004. OH MY GOD, the horror! This obviously means that Tether didn’t really do anything to actually effect bitcoin price. They zoned in on 87 hours which there was large amounts of volatility in Bitcoin’s price and discovered that in these times, Bitfinex, on average bought 72 bitcoins per hour during those 87 hours. However, these are not 87 consecutive hours, this is 87 hours spread out over several months. When you consider that many times during those periods, the volume of Bitcoin in a day tops 100,000 BTC, we begin to see just how little a 72 BTC increase in volume could actually effect price. I think this study actually shows that Tether didn’t have that much to do with Bitcoin’s rise in price. If they want to investigate manipulation, they should investigate CME and CBOE instead as we have seen what a sudden liquidation of a short sell can do to BTC’s price within half an hour.
The second piece of fun news is that Hollywood(about 5 years late) is going to make a movie about crypto. Its going to be about some investigator, a corrupt accountant, some crypto enthusiast, and some underworld thugs and according to the poster, some tornados, some sharks, the white house exploding, and a helicopter escape. I think they need Samuel L. Jackson to pull this movie together. Otherwise, they have to assemble a cast of The Rock, Chuck Norris, and some of the other guys from expendables. I may rent it when it goes to the bargain bin of 99 cent rentals.


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