Cryptocurrency exchange Kraken had put forward assumptions about the response manipulation in the Bloomberg address. Stock exchange representatives argue that one of the materials of the edition specially published for influencing trade in futures.
In particular, we are talking about the article, which States that the dynamics of indicators on USDT Kraken is suspicious and probably indicates the intervention of the exchange in the process of formation of the price performance of the asset. The article was published on June 29; the next day added it review Kraken CEO Jesse Powell (Jesse Powell):
“We don’t see anything unusual in our public data. We can not confirm the authenticity of the data set that you sent for revision”.
In your second post Kraken accused the authors of Bloomberg’s incompetence and inability to understand simple things like “arbitrage, portfolio and anchor currency”.
Also representatives drew attention to the publication date of material that they considered to be alarming:
“If we are ready with pitchforks to attack the manipulators of the market, point your torches to the following: article Bloomberg News was published on June 29, the last working day of the II quarter and the expiration date of many futures contracts. Raises suspicions”.
Apparently, the Kraken was referring to trade in futures for CME, which ended June 29. Thus, according to Kraken, the publication could play a role in reducing the cost of bitcoins, providing profits to those who entered into a futures contract enter a short position.
Bloomberg News noted that, according to Kraken, some small transaction for the sale of USDT have had a greater impact on the prices of cryptocurrencies, than larger ones. In addition, a significant portion of the orders contained amounts that looked like auto-generated.
Finally, the article emphasizes the difference between the pricing of USDT and BTC:
“Unlike the price of bitcoin, which starts to fluctuate along with the volume of trading, the cost of the Tether is unstable varies depending on large or small orders for the purchase or sale of an asset”.
Kraken countered the arguments of Bloomberg, noting that, first, the Tether is tied to the US dollar at a ratio of one to one. This USDT fundamentally different from bitcoin, whose value is based on the total stock and demand. Representatives of the exchange also found it strange the fact that Bloomberg suspected of laundering dollars through the attached to them an asset, not to mention the fact that Kraken daily trading volume of USD/USDT does not exceed $1 million, then there is a significant impact on the stock transactions of its clients to provide could not.
Last month it became known that the asset Tether can be used for manipulation. Cluster analysis of bitcoin wallets has shown that the negative trend of the rate of BTC can be stable and even deployed with USDT.
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