Bitcoin dropped 2% Wednesday morning, falling as low as $6,385. A post published Wednesday by TIME indicates that the latest crash may be the result of a recently released study by University of Texas-Austin researchers. The new study, conducted by University of Texas finance professor John M. Griffin and graduate student Amin Shams, suggests that the prices were manipulated when Bitcoin climbed from $800 to almost $20,000 last year (http://ccw.fm/XhcZ1). The research presents evidence that another cryptocurrency named Tether was used to purchase Bitcoin after market dips, thus raising Bitcoin prices. Bitcoin isn’t the only cryptocurrency collapsing throughout this year. Litecoin, for example, hit a new low for the year on Wednesday at $97. The fall represents an almost 75% decrease from Litecoin’s all-time high of $379 in December. In addition to the potential of price manipulation, some attribute the trending drops to investors’ concern of hackers in the crypto space. Following the announcement of a South Korean crypto exchange being hacked last week, Bitcoin dropped 10%. In the University of Texas study’s conclusion, researchers state, “These findings suggest that external capital market surveillance and monitoring may be necessary to obtain a market that is truly free.”
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