While the size of Bitcoin’s community has been shrinking over the past few months, one part of the crypto industry has been consistently growing: the market capitalization of Tether’s USDT, the leading dollar stablecoin.
The cryptocurrency, now the fourth-largest by market capitalization, has been responding to an increase in demand over the past few weeks, with Twitter account Whale Alert tracking a series of transactions indicating USDT is in high demand.
Just today, on April 18th, it was reported that yet another $120 million worth of the stablecoin was minted. That, analysts say, could be big for Bitcoin and the rest of the crypto market moving forward.
Tether’s Market Cap Hits $7 Billion; Bitcoin Stands to Benefit
According to data from crypto analytics tracker Skew.com, the amount of USDT in circulation recently passed seven billion, or approximately 3.4% of the entire crypto market’s market capitalization per CoinMarketCap. This comes after a series of $120 million prints, like the one mentioned above.
Analysts believe this trend to be positive for the cryptocurrency market, and may actually explain much of Bitcoin’s recovery from the $3,700 March lows to the current price.
Charles Edwards, a digital asset manager, remarked in January that “major changes in Tether’s have led Bitcoin’s price over the last 1.5 years.”
Prior to the nearly 50 percent crash in November 2018 that saw Bitcoin plunge from $6,000 to $3,150, the amount of USDT circulating fell by hundreds of millions; also, prior to the majority of 2019’s crypto rally was the printing of hundreds of millions worth of USDT.
This makes sense from a fundamental standpoint. Messari’s Ryan Selkis, explained that with there now existing $3 billion worth of stablecoins sitting on exchanges, there’s a good chance crypto could boom, especially Bitcoin, as USDT’s largest market is BTC.
Su Zhu, CIO and CEO and hedge fund Three Arrows Capital, summed up this narrative well when he made the following apt comment in Q1 2019, a time when there was a mere $2 billion worth of value locked up in dollar stablecoins:
“Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature. […] Imagine thinking we need new money [for Bitcoin] to hit $10k.”
The Alternative Narrative
Yes, the growth in stablecoin demand seems bullish, but some have suggested that much of the recent growth isn’t related to a growing propensity to buy Bitcoin, but is instead related to macroeconomic trends.
More specifically, it has been suggested that due to a global dollar shortage, whereas USD has become hard to come by, investors, even those not in the crypto space, are turning to USDT to transact.
Photo by Tegan Mierle on Unsplash origin »
Tether CEO Paolo Ardoino has revealed plans to explore a quantum computing initiative aimed at recovering an estimated 3. 7 million lost Bitcoin. The proposal, which was first suggested by Bitcoin investor Brad Mills, would launch a white-hat treasure hunt to locate and retrieve Bitcoin that has vanished from circulation.
Tether CEO Paolo Ardoino claims quantum computing will hack Bitcoin in “lost wallets” and return it to circulation — a move one trader warns could drag Bitcoin back to the “stone ages.”
Stablecoin issuer Tether has filed a lawsuit against Swan Bitcoin in the High Court of England and Wales. The lawsuit alleges breaches of contract related to their joint Bitcoin (BTC) mining venture, 2040 Energy.
Tether, a major player in the crypto space, which is recognized for its fiat-backed stablecoins, has recently made a significant move involving the leading cryptocurrency, Bitcoin. This is coming as the continued craze around BRC-20 tokens is still very much in play.
Bitcoin (BTC) and other digital assets, including Tether (USDT), are currently trading at an 8% discount on Binance. US, a situation attributed to liquidity issues on the platform following a lawsuit filed by the U.
Tether expands to Uruguay as rising difficulty and Bitcoin halving complicate its profitability outlook.
The post Tether Enters Mining Fray as Bitcoin Tests New Difficulty Levels appeared first on BeInCrypto.
With the Bitcoin Fear and Greed Index noting a reading of 88 on the charts, based on data from Alternative, the trade volume of Tether was noted to have dropped by nearly 4%. In fact, the drop was preThe post How Tether is key to turning profits in Bitcoin's volatile market appeared first on AMBCrypto.
The most dominant stablecoin in the cryptocurrency ecosystem has seen some competition during the last few years, but the token tether has remained king in the face of rivalry. Just recently, a “Q2’20 review” published by the digital currency data and analytics firm Messari shows that tether’s daily transaction value is set to eclipse bitcoin’s […]
The post Stablecoin Tether Set to Eclipse Bitcoin’s Daily Transaction Value appeared first on Bitcoin News.
During the course of the past decade, Bitcoin has seen growing adoption. In recent years, the fact that one could access Bitcoin via stablecoins, most commonly Tether, has done a lot of good for the wThe post Tether issuance and Bitcoin price have no 'statistically significant relationship' appeared first on AMBCrypto.
Эмитент стейблкоинов Tether официально приступает к выпуску своих токенов на блокчейне Bitcoin Cash, сообщает портал Bitcoin. com. Для этого Tether воспользуется протоколом эмиссии индивидуальных токенов Simple Ledger Protocol (SLP).
Tether, the world’s most popular stablecoin, will be using the Simple Ledger Protocol built upon the Bitcoin Cash network for issuing its tokens. Among other things, this means that millions of Bitcoin.
Another chart of Bitcoin (BTC) price movements shows that in hindsight, periods of appreciation coincide with active, concerted minting of Tether (USDT). Bitcoin Cycles Coincided with USDT Printer In hindsight, Bitcoin price moves upward coincided with the printing of Tether (USDT).
Directly or indirectly, Tether has helped Bitcoin gain traction and popularity in mainstream media. It has helped millions, if not billions, gain access to Bitcoin. Even Satoshi Nakamoto, the brains bThe post Tether issuance in 2019 moved Bitcoin prices 77% of the time appeared first on AMBCrypto.
Bitcoin price correlation to USDT issuance has been a hot topic of discussion between cryptocurrency investors and traders soon after the birth of the most popular stablecoin in the world. According to calculations from researcher TokenAnalyst, Bitcoin prices increase on 70% of the days when new Tether tokens are issued.
A link between Bitcoin and Tether has become more clear as researchers discover that Bitcoin rallies were sparked by the issuance of new USDT coins at least 70% of the time. It is no secret that the largest stablecoin in the crypto market, Tether (USDT), is linked to the largest cryptocurrency, Bitcoin (BTC).
A crypto Twitter analyst believes that Tether’s USDT issuances are the real catalyst of the Bitcoin price bull move from $4,000 to $13,800. Bitcoin is not “Sound Money” Earlier this week twitter personality Andrew Rennhack suggested that Bitcoin’s explosive rally from $4,000 to $13,800 was primarily fuelled by Tether printing a vast amount of USDT.
The downward slide continues today as bitcoin drops closer to support once again. Meanwhile, the Tether printers keep on churning out new currency as another 50 million USDT tokens enter the market.
In a court transcript from a May 16, 2019, hearing between the New York Attorney General’s (NYAG) office and Tether, the sister company of Bitfinex, Tether has admitted that some of its reserves were also invested in bitcoin and other digital assets, reports The Block on May 21, 2019.
It appears that contrary to its marketing promises, Tether – a cryptocurrency pegged to the US dollar – used some of its dollar reserves to buy Bitcoin. The stablecoin issuer, which shares management and ownership with cryptocurrency exchange service Bitfinex, has admitted it used its reserves to invest in Bitcoin and other “assets,” according to court transcripts obtained by The Block.
The Bitcoin market looks all good even after news of Bitfinex’s scandalous dealings with Tether. As has been the case for years, many would have expected such bad news to affect the crypto market, especially Bitcoin.
By CCN: After New York alleged that industry giant Bitfinex had potentially committed fraud with its handling of the Tether cryptocurrency, one might have expected Bitcoin traders to initiate a mad rush for the exit.
There is currently a growing call from many in the cryptocurrency industry for major Bitcoin exchanges to delist Tether (USDT). This development comes amid an investigation into suspected fraudulent activity by Tether and Bitfinex running into almost a billion USD.
Bitcoin could still yet break $6,000 as momentum holds, but charges of manipulation and calls for Binance to delist Tether, the 1. 1 million bitcoin at the centre of a long-running Florida court case and a.
By CCN. com: In the past 24 hours, the bitcoin price has increased by just over 1 percent against the U. S. dollar, extending its year-to-date (YTD) gain to 44. 27 percent and leading the crypto market to recovery.
By CCN. com: The bitcoin price has increased from $5,173 to $5,297 on major regulated crypto exchanges including Coinbase in the past 24 hours, by 2. 3 percent. Major crypto assets such as Litecoin and Bitcoin Cash spiked by 4 to 11 percent against the U.
Bitcoin’s bullish swing was stopped in its tracks by last week’s Bitfinex-Tether controversy. The New York Attorney General announced on April 25 that the cryptocurrency exchange lost $850 million and covered up the same with their stablecoin Tether [USDT].
This week, a scandal involving Bitfinex and Tether parent company iFinex being accused by the New York Attorney General’s office of misappropriating funds has shaken up the cryptocurrency market. Bitcoin and other cryptocurrencies have rallied in recent months, however, the latest negative news surrounding the leading stablecoin on the market has been enough to cut.
Looking back on the 2017 bull run, there were three big events which preceded bitcoin’s parabolic rise: China banning cryptocurrency Extreme Tether uncertainty Jamie Dimon swearing to fire any bitcoin trader “in a second.
Yesterday’s news of Bitfinex being accused by the New York Attorney General’s office of potentially covering up the loss of $850 million using Tether reserves has caused Bitcoin and the crypto market to plummet and investors to panic, not only about the diminishing value of their holdings, but over the entire integrity of the crypto.
A document unveiled by the New York Attorney General’s (NYAG) office on Thursday has revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is coming under legal pressure.
Tether Volume Skyrockets And Surpasses Bitcoin; What Does It Mean? Tether (USDT) volumes have surpassed those of Bitcoin (BTC) on April 5, 2019. This comes after Bitcoin crossed the $5,000 price barrier after four long months.
Bitcoin prices stable and bullish Suspicion around Tether reserves will likely benefit Bitcoin Participation levels low but could increase as demand picks up Tether is making headlines thanks to their latest update touching on their reserves.
Утром в среду, 6 февраля главная криптовалюта торгуется в незначительный минус. Курс bitcoin просел на 1,06% по информации CoinMarketCap (на 10:00 по МСК). Подешевели все цифровые валюты из топ-5, кроме стейблкоина Tether, который вновь обогнал Bitcoin Cash по капитализации и поднялся на 5 строчку.
The newest member of the cryptocurrency market Bitcoin Satoshi Vision has declared war over two of the world’s largest cryptocurrencies as it pushed Tether and Bitcoin Cash to wall and seized the 5th spot for a short period of time.
The U. S Department of Justice (DOJ) has set its sights on Bitfinex and Tether Ltd in its probe into last year’s bitcoin price surge. The DOJ is inquiring into the possibility of market manipulation, involving the use of Tether’s stablecoin to drive up the price of Bitcoin.
Tether Burns Half a Billion USDT Coins in an Act of RedemptionAn ongoing criminal probe into potential Bitcoin price manipulation conducted by the U. S. Department of Justice has begun to take a closer look at how Tether and crypto exchange Bitfinex may have played a role in Bitcoin’s parabolic rise in late December.
Министерство юстиции США инициировало расследование по делу о вероятном манипулировании курсом bitcoin в ходе прошлогоднего ралли криптовалюты. В рамках расследования ведомство намерено выяснить, причастны ли стейблкоин Tether и криптобиржа Bitfinex к неожиданному росту курса bitcoin в конце 2017 года.
With the exception of the SEC’s FinHub announcement, it has been a quiet week for regulatory news — something we’ve been getting a lot of recently as U. S. officials clamp down on unscrupulous coin offerings and crypto companies.
Speculation is rife that people are selling Tether in exchange for Bitcoin. This has led to Bitcoin trading at around a $300 premium on the Bitfinex exchange. Those using the Bitfinex exchange are finding that Bitcoin is trading at roughly a $300 premium compared to other exchanges.
Published a month before a report by researchers from the University of Texas alleging that stablecoin Tether (USDT) issues new tokens to manipulate bitcoin's price, another academic study has come to light that challenges this theory.
Following an earlier report by researchers from the University of Texas alleging that stablecoin Tether (USDT) issues new tokens to manipulate the bitcoin price, a new report has emerged debunking this theory.
Соучредитель Ethereum Джозеф Любин не согласен с обвинениями в манипуляции Tether ценой на Bitcoin в 2017 году.
Сообщение Джозеф Любин сомневается в причастности Tether к манипуляциям с ценой Bitcoin появились сначала на Freedman.
Bitcoin, the most popular cryptocurrency by many measurements, isn’t half as controversial as Tether — the controversial coin that has polarized the entire crypto community. Tether somehow has become the bad boy of crypto and has frequently been linked to market price manipulation, but its recent moves have failed to make an impact on NEO and EOS.
Банки США, а вместе с ними и PayPal, собираются захватить рынок стейблкоинов, вытеснив USDT и USDC, — мнение аналитиков PitchBook Так, по данным PitchBook, на горизонте маячит новая волна стейблкоинов, но уже не от криптанов, а от финансовых корпораций Америки.
Общая капитализация пяти крупнейших стейблкоинов достигла нового исторического максимума — $204,7 млрд. Такой вывод сделал аналитик Али Мартинес. В топ-5 вошли USDT (Tether), USDC (Circle), USDS, USDe (Ethena) и DAI
Материал Рекорд побит: капитализация топ-5 стейблкоинов превысила $204,7 млрд появился сначала на WHATTONEWS – Новости криптовалют.
Sanctioned crypto exchange Garantex has halted operations following Tether’s decision to freeze $27 million worth of USDT on the platform. In a March 6 announcement on Telegram, the exchange confirmed a temporary suspension of crypto trading and withdrawals, citing Tether’s decision to freeze its funds.
Недавние заявления Bank of America (BofA) о возможном выпуске стейблкоина вызвали бурную реакцию криптосообщества. Некоторые восприняли это как позитивный шаг для индустрии, но другие увидели в этом угрозу в виде скрытой замены CBDC.
Bybit стал жертвой одного из крупнейших взломов, из их холодных кошельков украли $1,5 млрд в ETH и stETH. Вот что известно на данный момент: Как это произошло? Хакеры использовали фальшивый интерфейс, который показывал правильный адрес для подписания транзакций.
P2P-маркетплейс Bitpapa открыл торговлю крипторублем (RUBT), рассказал Bits.media основатель InDeFi SmartBank Сергей Менделеев. У Bitpapa 400 тысяч клиентов, подчеркнул соавтор идеи крипторубля.
Tether has refuted claims made by JPMorgan analysts regarding its Bitcoin reserves and ability to comply with upcoming US stablecoin regulations. In a Feb. 13 statement to CryptoSlate, the stablecoin issuer confirmed that it is closely monitoring developments around US stablecoin regulations while actively engaging with local regulators.
