The second large tranche of Tether in the last two weeks gives hope for the revival of the ascending market and the rise of the Bitcoin rate.
Shortly before the previous rise of the BTC to $6,700, on August 21, 100 million USDT tokens were sent to the address of the Bitfinex exchange from the treasury wallet of the company Tether. Yesterday, September 2, another 100 million USDT repeated this path. Traders do not rule out the possibility that this particular arrival will help the BTC price break through the resistance of the middle line and test the upper limit of the ascending channel. According to various estimates, this could be a level from 7600.00 USD to 7800.00 USD.
The stablecoin Tether, pegged to the dollar in a 1:1 ratio, is constantly suspected of manipulating the Bitcoin rate. Analysts are trying to link the high volatility of the Bitcoin market with the receipt of Tether to the account on Bitfinex. As a rule, I base it on observations of the behavior of military-technical cooperation after large USDT issues. The crypto community and some experts accuse Tether of colluding with the Bitfinex crypto exchange.
The wave of accusations against USDT has subsided a little, after confirmation of the law firm Freeh Sporkin & Sullivan LLP (FSS) about the availability about $2.55 billion in Tether bank accounts. In addition to this, Bloomberg analysts, at the beginning of August, reported their findings on the impact on the price formation of BTC $50 million issued by Tether.
Thus refuting the conclusions of the Department of Finance of the University of Texas about the manipulative nature of Tether emissions in 2017 year.
As of September 3, the total capitalization of Tether is $2,842,909,681 USD, and the trading volume over the last 24 hours was $2,708,266,539 USD.
Some traders view Tether emissions as an accurate technical indicator predicting a mandatory increase in the price of Bitcoin. However, this is a controversial issue and building optimistic forecasts on only one marker is, to say the least, incorrect.
You May Also Like
Tether opens a bank account in the Bahamas
Tether Limited, the issuer of the controversial dollar-backed stablecoin USDT, has publicly confirmed that it has established a banking relationship with financial institution Deltec Bank in the Bahamas.
What's happening with Tether?
The world's largest crypto exchange Binance suspended Tether (USDT) withdrawals on Monday morning during a "period of increased activity."
