Actions of one whale could influence on bitcoin surge in 2017 and Stellar has destroyed 55 billion of their tokens
Bitcoin price surge of 2017 could be fueled by one whale
The University of Texas has published research which shows that a whale was buying a large amount of BTC during drawdowns and additional emission of USDT. It is important that such a “scheme” was used only on the Bitfinex exchange.
Connection between bitcoin growth and USDT have been discussed before. TokenAnalyst experts have already noted an incredible coincidence between bitcoin pump and Tether emission. However, it was believed earlier that this had been caused by actions of lots of independent traders.
A group of researchers analyzed all BTC and USDT transaction between March, 1, 2017 and March, 31, 2018 and came to a conclusion that it had been one large player. At the same time, no similar pattern was detected on other exchanges.
It should be understood that Bitfinex controlled over 20% of the market in 2017–2018, and it is only by 2019 that the exchange’s market share dropped to 7,3%.
Stellar burst into the top 10 cryptocurrencies after destroying 55 billion tokens
Stellar team reported destroying 55 billion of tokens. They took this decision after analyzing the plan of blockchain implementation. The coins that got destroyed were mainly the ones for airdrop (out of 43,5 billion only 6 remained), as well as operational fund (out of 16 billion, 11 remained) and affiliate programs (12 billion out of 25).
This was announced at Meridian conference in Mexico, Stellar Development Foundation announced the burning and in two hours the token rate increased by 16% from $0,069 to 0,083. Currently, correction took place and Stellar’s price is $0.0806.
The developers said that no further coin burning is planned. In total, 55 billion (worth of $4 billion) of XML were destroyed.
Einstein Exchange shuts down with the debt of 16 million
Einstein Exchange clients say that the exchange’s management and employees stopped replying to requests and complaints, and the users cannot get access to their funds.
Currently, the management of the exchange has been transferred to the British Columbia Securities Commission (Canada). The total damage estimate is $16 million.
When the exchange was registered its management provided judicial evidence of possessing assets to satisfy all withdrawal requests, however refused to provide the location of the funds.
Currently the office of the exchange is closed, there is no access to their website and investigators cannot establish the location of Michael Ongun Gokturk, the exchange founder. The pages of the exchange in social networks are buried under complaints of dissatisfied customers.