USD-linked stablecoin has printed another quarter-billion USD, representing a significant injection of capital into the ailing cryptocurrency market.
The issuance of the new USDT, historically linked with a surge in positive market action.
Tether has recently addressed community concern regarding financial backing, with the release of an FSS report stating that Tether does indeed hold sufficient capital to back all printed USDT. The FSS report, released last week, followed an investigation published by University of Texas researchers revealing evidence that USDT could have been used in Bitcoin price manipulation.
Generally, this has been a precursor of price going up.
Tether gets printed when people deposit USD and get USDT back.
Of course, that doesn't mean they will buy right away.
The entrance of new USDT into the cryptocurrency market is typically associated with positive market movement - the last issuance of 250,000,000 Tether on the May 19 saw Bitcoin prices capture over $300 in less than one day.
The earlier printing of $300,000,000 Tether on March 21 saw Bitcoin rise from $8,500 USD to beyond the $9,000 level.
Daily Tether trading volume now exceeds $4 billion USD, hinting toward the high levels of volatility present within the current market.
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Tether Injects $250 Million USD Into Crypto Market, Bitcoin, Ethereum Recapture Lost Ground
gepubliceerd op Jun 26, 2018
by Cryptoslate | gepubliceerd op Coinage
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