$100 Million More in Tether Printed: How Will This Affect Bitcoin Price?

Tony "The Bull" Severino

1 year ago

2 mins read

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A “whale alert” is a type of Twitter alert that notifies traders when large sums of crypto or Bitcoin is moved from one point to another on the blockchain. It often helps analysts and traders predict large selloffs in advance, or other market movements made by large players known as whales or “market makers.” Other times, it’s used to identify when the Tether treasury has printed more of the Tether stablecoin cryptocurrency that’s backed by fiat reserves and other collateral, which often precedes massive movements in Bitcoin price.

Millions and millions worth in USD value of Tether have been printed since the bear market bottom, and each new printing appears to drive up Bitcoin price further and further. With a whale alert signaling that yet another $100 million in the stablecoin has been printed, how might this affect Bitcoin price in the days ahead?

Tether Treasury Prints Yet Another $100 Million of Controversial Stablecoin

Tether Limited, subsidiary of Bitfinex parent company iFinex Inc, has printed an additional $100 million worth of the stablecoin Tether, trading under the ticker USDT.

Explained here https://t.co/TeC4Ihfdog

— Paolo Ardoino 🍐 (@paoloardoino) July 4, 2019

The stablecoin is often used as a safe haven during crypto downtrends, as traders swap their volatile Bitcoin and altcoins for the stablecoin, helping them to maintain their capital and avoid unnecessary risk.

Tether’s market cap also appears to have a direct correlation to the overall crypto market activity. Just ahead of Bitcoin’s historic plummet below what was thought to be unbreakable support at $6,000, a small fortune of Tether was removed from the market. Price followed.

After Bitcoin’s low was set in December, more and more Tether has been injected into the crypto market, and Bitcoin’s price climbed right alongside it. This recent injection of Tether capital comes just as Bitcoin reaches yet another critical inflection point and consolidates under the last major resistance before the crypto asset makes an attempt at its previous all-time high of $20,000.

Bitcoin Price to Boom or Bust From Here?

In the days ahead, Bitcoin will either continue its bull run after a more than 30% correction, or fall back to retest support lower. Either way, the crypto asset is expected to rebound and continue higher, but it’s a matter of when and what path it takes first.

This latest addition of Tether could signal that the leading crypto by market cap will soon breach the $14,000 resistance it was rejected from, and continue its parabolic climb into a new bull market.

In addition to Tether potentially driving up the price of Bitcoin, concerns over growing global trade tensions and economic catastrophe has caused Bitcoin to rise alongside other safe-haven assets. This added factor may be among many reasons why Bitcoin’s correction has already completed, and could leave dip buyers waiting indefinitely.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.