According to a study published in the Journal of Money Economics, the fact of a sharp increase in the cost of bitcoin in 2013 was the result of fraud. The authors of the study warn that the current jumps in the rate of crypto currency can also be modeled, writes Business Insider. At the end of 2013, the first jump in the cost of bitcoin occurred - from $ 150 to $ 1000, that is, more than six times. According to the study, the price change was probably triggered by fake transactions initiated by one or two major players. The authors of the report - Neil Gundal, John Hamrick, Tyler Moore and Tali Oberman - analyzed the transactions that took place at the notorious Mt exchange. Gox. At the end of 2013 on Mt. Gox committed more than 70% of transactions of bitcoins. By April 2014, the exchange was liquidated due to accusations of hacking and the theft of about 600 thousand. bitcoins worth $ 188 million. The study says that two trading bots, Marcus and Willy, are "responsible" for manipulating transactional activity, although in reality the people behind them did not own the bitcoins traded. "By increasing the volume of transactions, bots were able to influence the price of bitcoin, earning millions of dollars on it," the publication says.. Researchers warn those who trade on modern crypto-exchange exchanges: given the sharp increase in the number of types of crypto currency and the rate hike, a repeat of the history of 2013 is quite possible. "The number of crypto-currencies over the period under review has increased from 80 to 843," the study says.. "Many of these markets are still quite small, with low trading volume and are prone to price manipulation". Manipulation of the bitcoin course can also occur due to the high concentration of coins from a small number of rich users. So, Credit Suisse recently published a report in which it claims that 90% of all bitcoins are stored on 4% of the wallets.

Original article: The fact of manipulating the bitcoine rate in 2013 is proved.