For those who follow the Tether Conspiration or maybe even follow Bitfinex'ed account on Twitter you may have noticed something quite interesting today.
According to the Omniexplorer.info website the Tether co. has printed 300M USDT... yes as you read, 0.3 Bn was just printed, around two hours ago.
We could follow some conspiracy theories and say that this is the main cause for the rise in the BTC price in the recent hours, but truth is we have no proof. Also, the BTC rise happened before the printing, so the relation is not that direct.
Another option could be that; actually, the USDT printing happened due to the BTC price in preparation for higher demand for the virtual pegged asset. This second hypothesis sounds more robust considering USDT is still used as a substitution for the USD due to the legal regulations and many Banks which block clients of sending USD directly to exchanges, and the other way around.
Last time such significant movements were seen in the Market was last January, after that the USDT printer went quiet, raising more concerns on the relation of BTC pump when USDT flew into the market.
Looking at the price, it does not look like the 300M print could have a significant impact, at least for now. One would assume the market move has been given majorly due to the G20 statements on the general market and not particularly on this money inflow.
Starting yesterday, the market has moved up around 50 Bn USD, we know that millions turn into billions in market cap in a matter of hours due to the ripple effect, but we assume this was not the case.
For BTC it has been a tough first quarter after losing territory to the bears, a lot of FUD was coming in installments lately, regulatory, fear, ICOs getting tackled and even Google prohibiting crypto related ads. Now, things could make a turn, but for now, we need to confirm the trend change, which should happen above the 9.3K mark.
About us, Steemers, Steemians, bloggers, dtubers or whatever you call yourself. Steem price seems to have gotten a little bit of air after reaching the bottom, a bottom which was quite near my forecasted 1.37 of last week, see post.
- Wait for the market to come down to the 1.3 level, but if does not happen and rebound you will lose an excellent entry;
I am quite proud of my trading eye, I gave two different scenarios, which were, either buy more Steem last week or wait for the bottom.
I would follow the price of BTC, and if confirmed to break 9.3K, I will trust even more on a reverse trend also for Steem. Hopefully, those who bought Steem last week will benefit from the lower Steem price at the moment of reaping SP rewards.
There is a long way to go in this sloppy 2018, I trust not even my shadow right now. I would look out for some exciting ICO's, like SmartContainers.ch and try to diversify over there, aside from keeping investing in Steemit and if possible grow your SP to delegate or sell votes to have a steady passive income. As expected I recommend you SmartSteem.
That's all for today, see you soon with some more update on the CryptoSpace.
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And like clockwork the bitcoin price is above $9000!
Hehe, let me answer you with a Classic;
Well... the USDT printer does have relations to BTC price in my opinion... how much that relation weighs, no idea...
Cool post brah!
Hey Max, sorry for my late reply!!! Exactly my thought is hard to give an accurate value to a sum like that in this volatile market. Thanks for your support!!!
P.S. I finally got to 60 Rep.
USDT went silent few months ago but ~70 or 80 million EURT, an erc-20 (another shitcoin) was printed at the BTC 6k lows.
Also important to note that Bitfinex picked up their big PR firm late last year as they desperately tried to reshape their image online.
well they got under the radar from watchdogs in the US, that's why they were so quite. I assume there is a real counterparty and not only wash trading here. As you see the price is down again.
I think that it is more than likely that they have some funds like crypto, but who is to say they don't just plan to make off with the money considering their banking ties seem very weak and the speculated amount of fiat they have isn't that much. I think wash trading is rampant, as far as we are mostly concerned with steem/sbd it seems that some of the Korean exchanges got raided recently and that could be very bad news if any one of them caught for insider trading/exchange employees trading with customer funds/exchanges that allow for money laundering against Korean money laundering laws turns out to be Upbit.
I'm going to lean towards them being one of the yet unnamed exchanges simply because they were probably the only major Korean exchange to not voluntarily join the self-regulation entity that was proposed and formed by the other exchanges there. Really wish there was an english-speaking Korean on steemit who was prominent and had the scoop on all of this considering how much it could impact all of us here.
There was nothing out on the news, maybe it was just a rumor?
How does this work I’m brand new to Steem. I was wondering how the upvote thing works. Do I get money if you u upvote my commet?
Very interesting... USDT keep pumping coins out... I hope that have the 1:1 USD in a bank somewhere... maybe Puerto Rico? Who knows... hope this doesn't go bust one day or watch out...
I tjonk tje dollar otself will crash before cryptos. The faith in the cirremcy and the country backing it is at all time lows.
omniexplorer.info/address/3MbYQM…
Disclaimer: I am just a bot trying to be helpful.
Thanks for this worth a follow. I enjoyed it, Keep up the good work.
Thanks for the support!
That's a really good article. I'd like to make a recommendation.
Thanks for the support!
Are those USDT is really backed by a real USD or they just print USDT from the thin air.
That's the biggest question so far, there are no categoric findings in this issue, if you want to keep an eye on the subject follow Bitfinex'ed on Twitter.
I'm glad to learn about this printer as this is completely new to me.
We can learn so many things in Steemit, that's why I love that. I have learnt quite a lot reading other bloggers. Thanks for your comment!
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printing machine activate
hehe indeed
I want to add my bitcoin technical analysis to the conversation. Do you think that even thought we’ve got the Tether printing presses going crazy, that technicals still lead and this is a simple trend line breakout?
Looks by how the market is two days later that no much happened due to that printing, is hard to asses accurately the correlation between USDT printing and BTC price, at the end you never know what is behind.
Tax time in uaa is coming so that will be a marked rise on market cap too atleast partially.