Bitcoin buying is usually like 'trading turds'

Bitcoin’s remarkable run last year may have been smoke along with mirrors.

Tether, another digital currency tied to the US dollar, was used to artificially inflate bitcoin prices, according a study released Wednesday by the University of Texas.

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John Griffin, a finance professor at the university, along with graduate student Amin Shams analyzed blockchain purchases along with discovered in which major Tether buys were timed to follow market downturns along with helped stabilize bitcoin’s floor.

“These patterns cannot be explained by investor demand,” they said from the study.

Griffin along with Shams have also recently found in which the VIX, Wall Street’s volatility index, was being manipulated.

A lawsuit filed in March cited their research to claim traders manipulated the value of VIX options along with futures by creating bets on the S&P 500 before VIX settlement auctions.

The cost of bitcoin dropped 1% on Wednesday to around $6,485, according to CoinDesk. Bitcoin’s slump drove down additional cryptocurrencies, including ripple, litecoin, along with ethereum.

Bitcoin continued reeling days after a massive hack in South Korea. On Monday, South Korea’s Coinrail said in which in which had been hacked along with about 30% of its virtual currencies were stolen. South Korea is usually one of the biggest markets for crypto trading from the entire world.

Related: Crypto hacks: is usually your bitcoin investment safe?

Over the past month, bitcoin has lost 25% of its value.

Retail buyers flooded the market late last year, lifting bitcoin to above $19,000 in December. although in which has fallen in recent months due to fears of stricter regulations along with an absence of institutional investors coming in, said Jason Yanowitz, co-founder of blockchain advisory firm BlockWorks Group.

—sy88pgw’s Daniel Shane contributed to This particular story.

sy88pgw (completely new York) First published June 13, 2018: 10:59 AM ET