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San-Francisco based crypto exchange Kraken has responded to a recent article by Bloomberg that argues Tether (USDT) is being manipulated on their exchange. Kraken took a dig at the article’s complex headline and insinuated that the article was written to have an effect on the price of futures trading.
In the recent past, Bloomberg publicized an investigative report probing trades involving tether, a “stablecoin” allegedly backed by physical U.S. dollars at a 1:1 ratio. Controversy has long swirled around USDT and its inventor, the Caribbean-based Tether with critics levying accusations that Tether operates a fractional reserve, using un-backed tokens to manipulate the bitcoin price.
In an article of Bloomberg alleged on dual concerns against Tether trading on the Kraken exchange.
They say that the exchange utilizes data provided by itself. It claimed that some small trades made a bigger difference in the price of Tether than larger trades.
It also highlights that a high number of trades are made with specific order sizes that are unlikely to be made by humans.
While Kraken was seemingly referring to the CME futures trading that expired on June 29 with a settlement date of July 5. Futures trading is where two traders agree to sell an asset between them at a fixed price in the future, essentially betting if it will go up (long) or down (short). Kraken is implying that the article could have dropped the price of Bitcoin, making profits for those who had shorted it.
In response to this allegation, Kraken countered to the 1st allegation by stating that Tether is driven by one-to-one by the US dollar. That’s how this crypto is unique from Bitcoin that has an intrinsic value based absolutely based on demand/ supply equation.
The why someone spends time on wash trading a pegged asset against its peg, they put in a dig at the US dollar which they claimed ‘is an explicitly manipulated asset.’
While Kraken modestly admitted that they are not big enough to determine the price of USDT despite being proud of their reputation.
“This level of USDT price discovery happens on markets with hundreds of millions of dollars of volume, not on Kraken’s USDT/USD market, which has currently traded less than $1 million in the last 24 hours.” Kraken added.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 176 levels (which is bullish) while articulating at (14:26 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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