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Tether Issues $50 Million In New Tokens, Bitcoin Remains Sluggish

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Bitcoin Gold Price BTG USD2 825x510 - Tether Issues $50 Million In New Tokens, Bitcoin Remains Sluggish

The Bitcoin price recently saw a slight bump and rose under 2% in an attempt to extend the market’s weekend recovery this week.

However, even the news that Tether issued $50 million worth of new tokens did not affect the BTC price, which is now again in a slight minus, hovering above the $6,000 mark. In fact, Bitcoin fell from $6,458 to $6,058 and its market cap is also in the red.

Even though there are many factors that impact Bitcoin’s price movements, the weekend rally also correlated with a new issuance of USDT, which is the dollar-pegged “stablecoin” token that was created by the controversial cryptocurrency startup Tether.

As the data from Omni Explorer showed, the Tether Treasury issued 50 million USDT on Saturday, representing a new influx of $50 million into the crypto market. The tokens were transferred to Bitfinex, representing the third time this month that Tether sent $50 million in USDT to that exchange.

With a market cap of over $2.5 billion, Tether is holding $500 million in reserve – funds which have been authorized for issuance but also ones that are not yet distributed.

However, the most interesting correlation is the one between USDT issuance and the Bitcoin price movements. While critics point that the token (USDT) is being used for manipulation of the crypto markets through a fractional reserve, Tether recently hired Free, Sporkin & Sullivan LLP (FSS) which is a legal firm founded by a former FBI director – all in order to review its finances.

The cryptocurrency exchange Kraken also denied that there is any evidence that the token is used to manipulate the Bitcoin price.

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Bitcoin News

Ex-Circle Head Believes Tether Didn’t Manipulate Bitcoin 2017 Rally

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ex-circle head
Ex-circle head Dan Matuszewski, who is now co-founder of trading firm CMS Holdings, discussed Tether and explained why the cryptocurrency was not the leading force behind 2017’s bitcoin bull run since Tether is one-to-one dollar-backed as we are reading further in the Tether news.The Ex-circle head left Circle in August 2019 and as one of the largest OTC desks which handle about $2 billion a month, Dan believes he is qualified to discuss all things crypto-related. In an interview for the On The Brink podcast, he shared some startling insights on the crypto’s most hated stablecoin- Tether.Matuszewski opened the interview by saying that Tether does not prop up the price of Bitcoin and that it was not responsible for the dramatic price rally in 2017 of bitcoin. He attributes this to the price arbitrage at an institutional level between different exchanges mainly Bitfinex and Coinbase. He explained further by saying that Coinbase was a beacon of confidence in the crypto industry. this was one of the reasons newcomers who watched out for scammers, chose coinbase when buying Bitcoin. He explained:
 “The majority of net buying inflow was on Coinbase. And that was purely because Coinbase was the fastest and easiest way to get into the industry and buy Bitcoin, hands down.”
Bitfinex has been hacked in the past and also doesn’t guarantee losses and was not appealing for the newcomers. This also led to a lower price of Bitcoin. With this in mind, Matuszweski described the movements as a daily scramble that sent every spare dollar to Bitfinex in order to buy Ether and Bitcoin. Onboarding was extremely easy because of the painless functionality to change the dollars to Tether. He continued:
 “What came in from settlements and what’s not nailed down and spoken for? Right take all that money, boom, and shoot it over to Bitfinex as fast as you can. Because you wanted to get as much money there as you could. So you could buy Bitcoin and Ether primarily… and send them over to Coinbase, and then yank the money out of the door as quick as you can.”
As such, the issuance of Tether blew up and spread the difference between Coinbase and Bitfinex but the issuance was symptomatic of what was going on with the price arbing. With the allegations that the bitcoin bull run was a result of market manipulation with the help of Tether, Matuszewski noted:
 “I can tell you billions of dollars were sent in, like to make Tether, I can 100%, without question verifiably guarantee that happened. I did it, I was there… That money was not being hypothecated, it wasn’t just coming out of thin air.”
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Tether News

Tether Reaches 4Th Top Crypto As Market Cap Drops To $200 Billion

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Tether reaches
Tether reaches 4th position as top cryptocurrency as the market cap drops to $200 billion after the bulls were not able to defend the new region and brought the price back to $7,230 during the early hours of today as we are reading in the Tether coin news.Last week was really impressive for Bitcoin since it made a bullish reversal from the low of $6,750 to $7,800 in just two days. However, Bitcoin got down about 1.29 percent on the day and is now trading at $7,316 at the time of writing. The overall altcoin market is in a state of confusion as some cryptocurrencies recorded slight gains and others are doing poorly. For example, Ethereum (ETH) is up by 0.20 percent and is trading at $148 while XRP despite the listing on Japan’s biggest exchange, recorded losses of about 1.14 percent and is trading at $0.218.Tether reaches the fourth position and it is still the most popular and widely used stablecoin which is a sign that the altcoins are in a bit of struggle as they lose their positions against the stablecoins and the market cap of which is only increased when tether launches new USDT coins. The total market cap is around $198 billion while Bitcoin’s market cap is $132 billion.Some of the other gainers and losers on the market include Ebakus which is in the green zone today with a massive gain over the past 24 hours. The cryptocurrency started the trading session with a price above the $0.007200 region and is now trading at $0.031521 which gave the traders a remarkable 340 profit on the day. EBK has a market cap of $2,846,200 and a daily trading volume of $190,944.Blockium is another one of the gainers on the market with an 84 percent profit on the day making it the second significant gainer over the past 24 hours. BOK is the native token of the Blockium token which is a project that describes itself as a unique P2P financial gamification platform for stocks and crypto traders.  Fusion, on the other hand, lost more than 50 percent of its value in the past 24 hours and the token has been on a downtrend for the past week reaching a current price of $0.2.
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Tether News

Tether Will Still Be Preferred Choice For Traders And Here’s Why

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ex-circle head
It seems that Tether will still be the top choice for traders despite the harsh criticism about the cryptocurrency not having the total fiat backing as well as the many banking troubles with iFinex. Let’s find out why this is the case in the latest Tether news today.The market share of USDT is above 96 percent even though many stable coins aim to change this situation. It turned out that the fully fiat-backed stable coins are now used as a fiat off-ramp and the supply is only getting down. Despite the low expectations for USDT, Tether managed the coin supply and the worst thing that happened to it was a drop to the $0.85 during a panic episode in 2018. After that, USDT was still used.In 2019, Tether expanded the supply to above 4,108 billion tokens and the Omni-layer coins were moved to the ETH network which became even cheaper and easier to transfer. The USDT transfers with the ERC-20 tokens picked up and expanded to more exchanges than ever. Instead of getting concentrated on small markets, Tether is now spreading to a longer list of crypto-to-crypto markets and the stabelcoin now facilitates arbitrage and moves the markets for the leading altcoins.Tether will still have the skeptics and so far it managed to survive the liquidity of the crypto markets. The altcoin is still threatened by the USD-based futures markets but the bulk of BTC is now traded on spot markets. Tether is making forays into the futures trading similarly as the OKEx case and the USDT settled futures. Moving to the newer chains also means that the USDT is working on multiple markets.The main advantage of Tether is increasing adoption. NiceHash adopted the cryptocurrency for the internal trades and now USDT is acting across all of the markets and does not show the pattern of minting which is followed by price pumps. Tether still correlates most of the activity with the major moves of Bitcoin. It is still used despite the fact that the company is a target of the class-action lawsuits that accuse the company of market manipulation. Tether of course, denied all allegations saying that the USDT demand is organic. Some sources, however, claim that China is an important point for the USDT demand.
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Tether News

Tether’s Volume Is Booming Amid Crypto Market Drop

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Tether's volume
Tether’s volume is now increasing while the crypto market crashing. The USDT volumes are now above the $31 billion as the sell-offs boosted the demand for other stabelcoins as we are reading further in the Tether news today.USDT is now the fourth-largest cryptocurrency by market cap and it lines up at the top while some of the other assets dropped in value. At one point, during the peak of the selling, USDT rose to above $1.02 and other stabelcoins also broke above the dollar peg. USDT climbed to the top mainly because of the supply expansion in 2019 where the coin is in circulation doubling from more than 2 billion at the start of the year. Tether’s volume has been flat for weeks and placed the asset among the top 5 coins after the altcoins lost their previous high valuations.It is still uncertain what drove the Tether supply and the critics of Tether hold the theory that the company prints new USDT intentionally. However, Tether claims that the demand is organic and that an altcoin is a tool that adds liquidity to the markets. The critics have not abated and there was also another class-action lawsuit filed before the US district court for the western district of Washington. The lawsuit pronounced a ‘’copycat’’ of an earlier class action that was based on the idea that iFinex manipulated the crypto market directly.USDT still remains the most-used stablecoin while its market share decreased in 2019 to a 96% trading. The recent market crash brought another anomaly and the reported BTC trading volume reached up to $45 billion in the past day outpacing the levels of the USDT trading. This also means that a part of the BTC price discovery has moved beyond USDT and into the futures markets. This year, USDT increased to new highs and got away from the tides that could mean that Tether’s trading could be replaced by futures speculations.The USDT coins achieved some higher turnover and popularity since most of the coins issues became ERC-20 tokens that were based on the Ethereum network which led to an increase in transfer moving Tether from the large-scale holders for more exchanges.
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