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bitcoin tether usdt btc btcusdt
Nexo Logo

$150 Million in Freshly Printed Tether To Cause Bitcoin Price to Surge

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Tether’s effect on the crypto market at large cannot be understated. Not only does the fiat-backed stablecoin act as a safe haven asset during downtrends and crashes, in the past sentiment surrounding Tether has had an enormous impact on Bitcoin price. In the past, Tether turmoil has led to massive increases in Bitcoin price and the value of other crypto assets, as capital held in Tether outflows back into other cryptocurrencies.

The overall market cap of Tether also appears to act as a magnet for Bitcoin price, with the price of the digital asset increasing sharply whenever new Tether is injected into the crypto market. With yet another half-a-billion dollars worth of Tether market cap added to the crypto market since mid-May, another Bitcoin price surge may also be ahead.

Bitcoin Price Growth Correlates Closely With Tether Market Cap Increases

There’s no denying Tether’s influence over the entire crypto space. Not only is it the leading stablecoin, and the only stablecoin in the top ten cryptocurrencies by market cap, it’s also become the crypto trader’s first choice to hedge against falling cryptocurrency prices.

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Related Reading | Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed

Traders will exchange Bitcoin and other cryptocurrencies like Ethereum, Ripple, or Litecoin for Tether when they expect prices to fall. Due to Tether’s value being tied 1:1 to the U.S. dollar, its value stays relatively stable, preventing extensive losses from holding the volatile assets.

It also has shown some correlation to Bitcoin in a highly unusual way. Each time the Tether treasury mints new Tether, Bitcoin’s price climbs.

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Oh Boy.$btc still got legs? pic.twitter.com/YyMsgsdFzM

— f i l ₿ f i l ₿ (@filbfilb) June 11, 2019

The correlation began, as crypto analyst FilbFilb, points out, prior to the massive plunge through $6,000 that brought Bitcoin to its bear market low. Just ahead of that bear market low, Tether’s market cap also hit the lowest point since February 2018.

The last time the crypto analyst pointed out fresh Tether printing, was back in late April when the Tether treasury minted another $300 million of the stablecoin. This appeared to be the trigger that took Bitcoin price back above $6,000 and climbed higher towards $9,000 where it’s consolidating below.

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— f i l ₿ f i l ₿ (@filbfilb) June 11, 2019

Since mid-May when Bitcoin first broke above $8,000, another $500 million in Tether have been added to the market, with $150 million of it printed just today.

The “fresh” printed Tether, could potentially be the catalyst to take Bitcoin above $10,000 – the area that’s expected to be a massive FOMO trigger.

Related Reading | Estate of Columbian Cartel Kingpin Claims Tether Crypto Is Untrustworthy

It’s not known why new Tether has this effect on Bitcoin price, however, the stablecoin was at the center of a market manipulation investigation by the Department of Justice, so anything is possible. Much controversy surrounds the stablecoin and its parent company – which also is the parent company of crypto exchange Bitfinex – was recently accused by the New York Attorney General’s office of covering up a loss of $850 million at the hands of a capital management company, by using funds reserved for Tether backing.

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Tags: bitcoinbitfinexcryptofilbfilbtether
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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