Market supply Tether USD rose another $50 million
The reason for yesterday’s sudden jump in the price of bitcoin is approximately $400 could be the issue of additional tokens Tether USD (USDT) in the amount of $50 million.
It is noteworthy that this transaction almost coincided in time with the arisen “out of nowhere” a large green candle on the chart of the pair EUR/USDT exchange Bitfinex:
This “coincidence” could not be noticed by the users of social networks. Most of them are convinced that the funds came straight to the Bitfinex wallet, and consistently included in the five largest exchanges for trading volume.
50 million $USDT sent to the hotwallet Bitfinex just when the supply was running out after that short squeeze. You know what it means. No $BTC manipulation my ass!
— ? Armchair Crypto Trader ? (@Ilikedtolurk) August 11, 2018
Citing data from the service CryptoCompare, one Twitter user noted that more than half of the volume of the exchange deals now account for USDT.
$USDT has accounted for ~53% of $BTC trade volume in past 24 hours
…which makes the comparison of Tether to Monopoly money so much more accurate//t.co/AiTRju19nM @brockpierce pic.twitter.com/0ItUHb2ayS
— Kyle S. Gibson (@KyleSGibson) August 7, 2018
That increase offer USDT instantly affects the rate of bitcoin reminded Bitfinex’ed:
?Cryptomnesia Vladimir Cohen expressed to Facebook the view that this is a way of “protection level” of $5500, the breaking of which threatens to collapse:
On the weekly chart below, you can see that the price is again close to “suffering” at $6000:
Earlier ForkLog have already noted that this kind of “quantitative easing” additional USDT are usually short term effect. For example, after a meeting held on may 18 an additional issue Tether the bitcoin exchange rate showed a short rise followed by a quite strong fall:
BTC/USD: impact of additional issue of USDT in the middle of may
Currently the market situation is not much different from that indicated in the example above, the sudden surge in prices gave way to a downward correction. Currently, prices of BTC characteristically flat to very low trading volumes.
To date, the Tether can be considered a monopoly among tablconv, he is firmly entrenched in the top ten CoinMarketCap, ranking second in terms of trading.
Earlier, researchers at the University of Texas at Austin came to the conclusion that manipulation of the Tether was held to support the exchange rate of bitcoin. Scientists believe that a significant impact on the price of BTC is enough to modify the bid USDT only 1%.