2 minutes reading time (389 words)

Daily Dose: Whaley Bot is the New Willy Bot


Bitcoin remains sideways in the daily chart. Meanwhile the intraday chart saw some action as price tried to reach around $9,500 but was rejected. Support is around $8,800 - $9,000 and resistance is around $10,000 - $10,500. 

Global market cap is at $250B, while BTC's market cap is at $168B.

* A study by University of Texas professor John Griffin and Ohio State University's Amin Shams claims that Bitcoin's bull run in 2017 was triggered by market manipulation. Griffin and Shams say that a single entity using Tether, transacting via Bitfinex, was behind the price movement. "Our results suggest instead of thousands of investors moving the price of Bitcoin, it's just one large one," Griffin said. Their analysis states that "Purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices..." and that this one large entity "exhibited clairvoyant market timing or exerted an extremely large price impact on Bitcoin... not observed... from other smaller traders."

Tether has outright rejected the claims, with General Counsel Stuart Hoegner arguing that the paper is "foundationally flawed" because it is based on an insufficient data set.

* Huobi Global is forcing all of its US customers off of its platform later this month, freezing their accounts in the process, and is recommending them to move their assets to HBUS, their US partner firm. This move is framed as a compliance step made to conform to US laws and regulations, as Huobi states that "Our User Agreement expressly prohibits users in the United States from using our platform." HBUS, based in San Francisco, has been operating with the US since early last year.

The Stellar Development Foundation burned 55 billion XLM tokens. Prior to the coin burn, there had been 105 billion XLM, with 20 billion in circulation. The foundation now controls
30 billion XLM, divided into: direct development fund (12 billion XLM) to support operations, ecosystem support (2 billion XLM), investments: new products/enterprise fund (10 billion XLM), and user acquisition (6 billion XLM).

XLM's supply will now be fixed due to community of token holders vote to discontinue inflation on Oct. 28. 


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