2017 Crypto Boom Reason Revealed: What Triggered The Huge Boost For BTC, ETH, And XRP
There have been a lot of theories about the reasons that might have triggered the 2017 huge bull run every crypto trader is dreaming about these days.
A single trader might have triggered the 2017 bulls
Now, there are two researchers who claim that a single trader triggered the crypto market’s bull run from 2017.
The online publication the Daily Hodl reveals that John Griffin who is a professor at the University of Texas together with Amin Shams, an assistant professor at Ohio State University, just reported that “their research shows Bitcoin buys on the crypto exchange Bitfinex were systematically placed when the price of BTC reached certain levels.”
It’s been also revealed that the whale used the stablecoin Tether in order to make these transactions, and this pushed the price of BTC, ETH, and XRP to new all-time highs reports Bloomberg.
“Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”
Tether said that the findings are flawed and that they rely on an incomplete set of data.
We recommend that you head over to the Daily Hodl’s original article to read more about the speculation on this subject.
The current crypto market state
These days, the crypto market has been extremely volatile, and the bulls also came back a couple of weeks ago.
Among the elements that triggered a sudden surge in the price of BTC was also the fact that China publicly claimed the support for the blockchain technology.
At the moment of writing this article, BTC is trading in the red, and the most important coin in the crypto market is priced at $9,298.50 on CMC.
Recently, there have been a lot of optimistic predictions regarding the price of BTC.
For instance, one of them suggests that soon, BTC will hit $100k.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.