The ‘USD-backed’ cryptocurrency Tether (USDT) is struck with another market manipulation controversy. A Bloomberg report published today suggests the possibility of wash trading of Tether on cryptocurrency exchange desk Kraken. The study found frequent repetitions of oddly specific orders, going into five decimal points. — highlighting the possibility of bot trading. Bloomberg pulled data of 56,000 Tether trades from Kraken’s public order book that happened between May 1 and June 22. The research found the cryptocurrency’s trading on the exchange desk to be defying the principles of economics. While most cryptocurrencies and other securities see fluctuations in price based on large buy…
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