The latest report suggests Bitfinex may have something to do with the rise in bitcoin prices

DecryptpostIn response to the surge in bitcoin prices on April 2, some independent researchers have concluded that "an actor" may be to blame. Whether the actor is a narwhale, a group of big investors acting together or, as one analyst suggested today, a cryptography exchange trying to jump-start a depressed market remains a mystery.

Coinmetrics, a us blockchain analytics company, was the first to post its results on twitter late last week. Meanwhile, Crypto Integrity, a task force of anonymous big data scientists from Europe and Asia that had been monitoring the currency world, came to the same conclusion.

"We believe that these purchases are speculative in nature, with no sustainable growth in real demand," Dmitry, the researcher, said in an email. Mr Dmitry said it was possible, though "less likely", that the rise was caused by a trader or group of traders trying to do a "pull-out" pattern.

A more likely hypothesis is that a single trader or group of traders, possibly associated with cryptocurrency trading, pushed up prices to increase volatility and draw attention to cryptocurrency trading. "As we know, price shocks have caused a lot of people to start trading cryptographic assets, which in turn has led to an increase in trading volumes. The higher the volume, the higher the transaction fees," he added.

Coinmetric reported that bitcoin's rise began on April 2, when about 500,000 HitBTC were exchanged for bitcoin on the Hong Kong exchange Bitfinex. Earlier, it was reported that Bitfinex and Tether had some of the same senior people and investors,

"According to the data, the initial price change in bitcoin is from Bitfinex," Dmitry said. However, analysts at CI did not cite hong kong-based Bitfinex as an agitator of the rally.

Crypto Integrity's team has been investigating fake trades on exchanges and trying to debunk the notion that "volume reporting" is an accurate measure of the market. Crypto Integrity analysts picked recent data from companies like coinann, Bitfinex, Bitstamp, Bittrex, Coinbase Pro and Kraken, and now their latest report goes a step further and says the best measure of market Integrity is liquidity.

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