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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

DoJ Bitcoin Manipulation Probe Homes in on Tether and Bitfinex

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Bitcoin

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Tether Burns Half a Billion USDT Coins in an Act of RedemptionAn ongoing criminal probe into potential Bitcoin price manipulation conducted by the U.S. Department of Justice has begun to take a closer look at how Tether and crypto exchange Bitfinex may have played a role in Bitcoin’s parabolic rise in late December.

Bitcoin Manipulation Probe Sets Sights on Tether, Bitfinex

Back in May of this year, the United States Justice Department (DoJ) in collaboration with the Commodity Futures Trading Commission (CFTC) launched a criminal probe into whether or not crypto traders were manipulating the price of Bitcoin.

They were trying to determine where they were using tactics such as wash-trading and spoofing – a practice in which large orders are placed in an attempt to influence the direction of price movement, only to have the order “wall” pulled once its orders begin closing into it.

According to a new report from Bloomberg, investigators have homed in on the leading stablecoin by market share, Tether, and the popular margin-trading crypto exchange Bitfinex that it is closely tied to.

As many as three different sources “familiar with the matter” suggest that the probe evidence potentially points toward Tether and Bitfinex being used to illegally boost prices. Both Tether and Bitfinex share the same management team, which appears to be at the center of the investigation.

Research Suggests Tether Used as FOMO Fuel, Tether and Bitfinex Deny

Shortly after the DoJ launched its probe, academic researchers from the University of Texas released a scathing 66-page report claiming they had discovered data that suggested Tether was printed and used following “market downturns,” which resulted in “sizable increases in Bitcoin prices.”

“Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies,” the paper surmised.

Despite repeated questioning into the integrity of the businesses he oversees, Jean-Louis van der Velde, CEO of Tether Ltd., refutes all claims and asserts his business is legitimate.

Related Reading: Tether Burns Half a Billion USDT Coins in an Act of Redemption

Continued Controversy Surrounding Tether and Bitfinex

Controversy seems to follow Tether around at every turn. The company has long been under scrutiny that the stablecoin cryptocurrency isn’t tied 1-to-1 to a corresponding U.S. dollar as the company claims. Tether has released reports from third-party auditors confirming the Tethers supply is appropriately backed, but the cryptocurrency community remains skeptical.

Uncertainty surrounding Tether recently led to the price of Bitcoin becoming out of sync across cryptocurrency exchanges, depending on if the exchange offered a trading pair against BTC tied to Tether, or tied to USD. Exchanges that offered Tether saw Bitcoin prices trade at as much as a $1,000 premium at once point, as capital flowed out of Tether and into cryptocurrencies like Bitcoin on the exchanges that offered the controversial stablecoin.

In the past year, Bitcoin has risen from around $6,000 to $20,000, only to this week break below $5,000 to a one-year low of $4,250. Tether is said to have been used to pump Bitcoin’s price, creating a parabolic rise and subsequent market crash.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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