This morning, the Bitcoin price has surged more than $300 in only one minute, which started a new rally that moved the largest cryptocurrency by market cap closer to the $7,000 margin.
Bitcoin went from its (way too) comfortable level of $6,466 to $6,899 for half an hour of trading – but was not able to sustain the level – and again fell to its comfortable margin of $6,500. The severe downward pivot reversed the effects of the morning rally.
According to analysts, the $300-in-one-minute-surge is mainly due to the dollar-pegged stablecoin Tether (USDT) which issued $100 million worth of new tokens. However, there are some analysts that claim that the pump was intentional – and occurred at the exact moment when BitMEX (largest leveraged crypto trading platform) went down for scheduled maintenance.
Others suggested that traders used the BitMEX shutdown to engage in illegal market manipulation. However, the influx of new USDT may seem like the most logical solution for the price pump of Bitcoin.
According to data from Omni Explorer, Tether issued 100 million new tokens on Tuesday afternoon directly to the exchange Bitfinex. This move raised Tether’s market cap to nearly .
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9 billion and cemented its status as the eight largest cryptocurrency by market cap.
Right now, Bitcoin is trading at $6,447 – which is a scenario that we are seeing for a couple of days consecutively.
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