“Using algorithms to analyze the blockchain data, we find that purchases with Tether are timed following market downturns and result 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 flow clusters below round prices, induces asymmetric autocorrelations in Bitcoin, and suggests incomplete Tether backing before month-ends. These patterns cannot be explained by investor demand proxies but are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices.”In all honesty, this is huge news. Whilst the news is so fresh, it is difficult to actually understand the implications of this, a few scenarios do however spring to mind here. Most of all, if these Tether movements are correlated with the Bitcoin movements, is it the same people doing it each time? If so, what sort of questions does that raise? As this is such a new report, things are a bit uncertain at the moment. As this news gets out though, we expect conclusions to become a little clearer. For now, we will monitor this story and bring you the news as it comes. This could be a very big deal indeed.