Debates on Bitcoin Fall Gain Pace
June 18, 2018
Brian Stutland, CIO of Equity Armor Investments, when commenting on the idea that Tether (USDT) is used by institutional players as shorting mechanism at BTC futures markets declined it as far-fetched issue and stated:
“I know there’s a lot of talk out there about [BTC price] manipulation by some professor who has probably never traded any significant money … if people were producing Tether to go ahead and then buy Bitcoin, then to me it seems that Tether should go to zero, not Bitcoin.”
‘Some professor’ mentioned by Stutland comes from the article published on June 13 by John M. Griffin and Amin Shams which said, that Tether is used for price support and crypto price manipulation to maximize short-term income from futures contracts.
Stutland suggested another explanation for Bitcoin fall of 2018 and said, low volatility on stock markets implies that people would rather invest in stock markets than Bitcoin.
Yesterday Tom Lee also stated recent Bitcoin price weakness is caused by futures contracts.
Lee said, significant volatility is one of the six symptoms of Bitcoin that arose soon after CBOE launched its futures contracts in December 2017 saying:
"Bitcoin sees dramatic price changes around CBOE futures expirations... We compiled some of the data and this indeed seems to be true.”
This month saw far more controversial statements coming which said that the US Commodity Futures Trading Commission (CFTC) demanded detailed data from large crypto exchange companies of the USA to conduct its own investigation on whether price manipulation may compromise Bitcoin futures markets.