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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

No, Another $1 Billion In Tether (USDT) Wasn’t Added To The Crypto Market Cap

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
crypto tether usdt stablecoin

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This week, over $5 billion in Tether (USDT) was minted and added to the stablecoin’s circulating supply and market cap. A correlation with newly minted USDT and Bitcoin pumping has sent the crypto community into a tailspin.

Today, an automated Twitter account that alerts investors as to when new Tether is minted claimed another $1 billion was added, but that’s not quite the case. Before Bitcoin investors expect another major pump, here’s what really happened and what this actually means for crypto.

Tether Supply and Stablecoins Rapidly Rise Out Of Crypto Bear Market Ashes

Tether, the controversial stablecoin is now the third most dominant cryptocurrency in the entire industry, rising out of the bear market as the one clear winner. No coin has benefitted from the crypto winter as much as the stable flight to crypto safety has.

USDT as a token has several uses. It offers a stable store of wealth, a means of exchange, and a hedge against crypto market volatility and downturns. It grew in popularity chiefly due to crypto traders moving into USDT instead of actual dollars to keep capital in the crypto market, but away from Bitcoin, Ethereum, and others that are more susceptible to violent price swings.

Related Reading | Financial Advisory Group: Bitcoin Would Be 40% More Valuable Without Manipulation

Today, however, its the base currency on most cryptocurrency trading platforms, and an ideal choice for sending funds around the internet thanks to its peg to the dollar.

Stablecoins, not just Tether, have grown immensely recently, showing the demand for digital dollars with more integrity than what Tether offers. Although nothing has ever been proven, a dark cloud has ominously hung over the stablecoin and its parent company by association.

Tether has been accused of being central to everything from Bitcoin price manipulation to being insolvent. Its also been embroiled in several high profile court cases, but its supply keeps on climbing.

bitcoin btcusdt usdt tether market cap supply

BTCUSDT Versus Tether USDT Market Cap | Source: TradingView

$1 Billion In USDT Is A Reprint, Not New Money To Pump Bitcoin

Each time the supply increases, Bitcoin pumps. Or so it seems. The one time a massive amount of USDT was pulled from the crypto market, Bitcoin plummeted to its bear market bottom at $3,200.

Since then, every time more supply is injected into the crypto market, the top crypto asset soars. The ongoing correlation appears to indicate that Bitcoin is about to rise more than it ever has in the past.

And its got crypto investors watching the USDT supply like a hawk for the next major printing and pump in Bitcoin. Today, an alert got the community up in arms when another $1 billion in Tether was said to be printed. However, that was not the case.

Related Reading | How Does The Next Chapter In The Tether Printing Story Unfold For Bitcoin

What actually took place, was a coordinated effort with a third-party to swap out $1 billion of the USDT supply off of the Tron blockchain and onto Ethereum as an ERC-20 token.

Tomorrow Tether will coordinate with a 3rd party to perform two chain swaps (conversion from Tron to ERC20 protocol) for 1B USDt.
Tether total supply will not change during this process.
Read more here: https://t.co/abfgnELSvi

— Tether (@Tether_to) September 14, 2020

Ethereum-based Tether has exploded as the most dominant chain of the stablecoin, however, rising gas fees recently has made USDT and other stablecoins expensive to send.

It is not clear what the motivation was behind the swap, but there is no reason to expect what is effectively $1 billion removed and re-added will cause Bitcoin or any crypto assets to pump.

Featured image from DepositPhotos, Charts from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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