Tether Printing and Bitcoin Price
On Friday May 18 2018, Tether printed another 250 million tokens, bringing the total supply to about 2.5 billion USDT. The last print was for 300 million tokens on March 20 2018. And the previous before that was for 100 million USDT on January 23 2018.
It is no secret how Tether and Bitfinex are intertwined, as a simple search will reveal those involved with them. It is also no secret that there is a lot of distrust in whether USDT is in fact backed by United States Dollars on a 1:1 ratio, the market currently values it as such.
Another concern about USDT is the ability to influence the overall crypto market one way or another. 300 million or even 100 million dollars worth of orders strategically placed on a single exchange, like Bitfinex, can literally move the market. You can read more about this at procinctu.info/bitcoin/warning-cryptocurrency-mine-field-decentralized-deception/
As for the chart, I just wanted to show the price of Bitcoin in correlation with the printing of Tethers. I used Kraken instead of Bitfinex on purpose, to make the data independent. The thicker lines show larger prints, the thinner lines show smaller prints. Also, this is on a daily chart, so it does not include volume spikes and movement on a smaller time frame, which probably would be more beneficial. But this is just to show in general the Bitcoin price and Tether printing alongside each other.
You can track the Tether printing for yourself at omniexplorer.info/address/3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL/1
Travis
JMJ - UIOGD
It is no secret how Tether and Bitfinex are intertwined, as a simple search will reveal those involved with them. It is also no secret that there is a lot of distrust in whether USDT is in fact backed by United States Dollars on a 1:1 ratio, the market currently values it as such.
Another concern about USDT is the ability to influence the overall crypto market one way or another. 300 million or even 100 million dollars worth of orders strategically placed on a single exchange, like Bitfinex, can literally move the market. You can read more about this at procinctu.info/bitcoin/warning-cryptocurrency-mine-field-decentralized-deception/
As for the chart, I just wanted to show the price of Bitcoin in correlation with the printing of Tethers. I used Kraken instead of Bitfinex on purpose, to make the data independent. The thicker lines show larger prints, the thinner lines show smaller prints. Also, this is on a daily chart, so it does not include volume spikes and movement on a smaller time frame, which probably would be more beneficial. But this is just to show in general the Bitcoin price and Tether printing alongside each other.
You can track the Tether printing for yourself at omniexplorer.info/address/3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL/1
Travis
JMJ - UIOGD
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