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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Report: Unrest Over Tether Instability Causing Outflow into Bitcoin

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Tether

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As fear, uncertainty, and doubt (FUD) surrounding leading stablecoin cryptocurrency Tether mounts, capital has begun to flow out of Tether and into Bitcoin and other competiting stablecoins, according to a new report.

Diar: Trading Flows from Tether to Bitcoin Due to Continued FUD

Cryptocurrency market research firm Diar has, in their latest research report, put a spotlight on the ongoing issues surrounding Tether and the implications Tether FUD has had on the overall cryptocurrency market.

Tether has been embroiled in controversy for practically its entire existence. The cryptocurrency community continually calls into question if Tether is backed by corresponding U.S. dollar as claimed. The stablecoin has also been accused of being used as a tool to prop up the market and artificially inflate cryptocurrency prices toward new all-time highs. And despite third-party audits and repeatedly refuting any allegations that arise, the cryptocurrency market refuses to give concerns around Tether a rest.

Now, according to Diar’s report, the fear and uncertainty has begun to more strongly influence the market, causing Tether holders seeking safe haven during an ongoing 10-month-long bear market to liquidate their Tether into other cryptocurrencies, primarily Bitcoin and competing stabelcoins.

Diar’s data on trading volumes tied to Tether, Bitcoin, and Ethereum pairs, show a clear trend that interest in Tether is declining while outflow into Bitcoin and other cryptocurrencies continues to grow. Both Binance and OKEx – the number one and number two cryptocurrency exchanges by trading (adjusted) volume respectively – were reviewed as part of the study.

stablecoin-tether-bitcoin

Clarifying Confusion over Tether-Fueled Price Premiums

The report also clarifies confusion surrounding the continued price premium Bitcoin enjoys depending on which exchange you look.

For example, popular margin-trading exchange Bitfinex currently shows a price of $6,581 for Bitcoin, meanwhile, Coinbase Pro, among the most popular U.S.-based exchanges, is trading at $6,423 – representing an over $150 discrepancy. After an initial exodus from Tether, the price premium reached over $1,000.

Diar says that the “risk premium” created by the Tether controversy is actually due to the value of Tether declining, causing Bitcoin to appear more valuable as a trading pair against Tether. Tether, which is supposed to remain stable at $1, is currently trading a couple cents short of a dollar, and fell to lows of $0.96 on October 15 as Tether holders fled the safety net the stablecoin once provided.

“The value of Bitcoin in actual Dollar terms hasn’t changed – it’s only changed against another cryptocurrency whose perceived value of $1 has dropped,” the report explains.

Competitor Stablecoin Options Are Taking Tether’s Market Share

Much to the relief of cryptocurrency investors who are still unconvinced the downtrend cryptocurrencies like Bitcoin are experiencing has come to an end, additional stablecoin options have surfaced from a number of competent cryptocurrency firms, including the Circle, Gemini, and Coinbase.

This morning, the Winklevoss-owned Gemini exchange sent an email to its customers celebrating the company’s Gemini Dollar stablecoin had been listed on 25 different exchanges. Earlier this month, crypto startup Paxos announced that the Paxos Standard, yet another stablecoin, had been included on over 20 different “top crypto exchanges and OTC desks.” And yesterday, Coinbase joined Circle to become founding members of the CENTRE consortium responsible for the dollar-pegged USD Coin – which Coinbase will soon be listing.

As Tether FUD continues to thrive, the larger the opportunity becomes for competitor stablecoins to snatch up invaluable market share from the current king of stablecoins, and for cryptocurrencies like Bitcoin to finally make a longer-term price recovery.

Featured image from Shutterstock.
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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.

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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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