It's now nearly two years since the world witnessed one of the most bullish runs of any market. In 2017, the crypto market recorded one of the highest gains ever recorded by any market. The 2017 bull run was triggered and led by Bitcoin. The world's oldest cryptocurrency surged from as little as under $1,000 at the start of the year to a year high of nearly $20,000. Since it did this, there has been a lot of speculation on what fueled the move. One report has come out to note that it could have all been the work of a single whale.
<h3>The 2017 Bull Run Controversy</h3>
Prior to the new report, an earlier paper had purported price manipulation. More specific, the manipulation is blamed on Bitfinex and Tether. Notably, both companies are owned by iFinex. <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066">According to a report</a> by University Texas John Griffin and Ohio state University Amin Shams, Tether printed out 2.8 Billion USDT used to flood Bitfinex exchange and artificially inflate demand. This would have seen prices skyrocket and set up a snowball effect. Arguably, right, in the end, the demand was natural with price growth luring in buyers.

This paper by the two researchers has now been updated. In the new report, they note:
<blockquote>"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"</blockquote>
Bitfinex and Tether continually deny this allegation noting that the price growth was driven by the global rise of digital currencies. This has however not stopped<a href="https://www.cryptoknowmics.com/news/is-the-u-s-going-to-crackdown-on-cryptocurrencies"> the U.S Justice Department from opening a criminal investigation</a> into whether Tether was used to manipulate Bitcoin. To date, the department is yet to prosecute either Tether or Bitfinex.

The 2017 bull run remains one of the most monumental events in Bitcoin's history. It shed a light to it and other cryptocurrencies leading to them going mainstream. If in the future it is revealed that it was a manipulation, this could <a href="https://www.cryptoknowmics.com/news/bitcoin-performing-exactly-how-it-was-designed-as-the-u-s-china-trade-war-escalates">undermine its potential</a>.

New Report Shows That The 2017 Bull Run Was Fueled By One Whale

Bitcoin's 2017 bull run has long been surrounded by controversy. A new report has come out noting it could have been the work of one whale.

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

New Report Shows That The 2017 Bull Run Was Fueled By One Whale

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