A lot of people keep a close eye on the Bitcoin price Whiles till heavily manipulated, the growth cannot be denied whatsoever. Surprisingly, it seems any link between the price and Tether is slowly disappearing. This recent price jump to a new all-time high has nothing to do with USDT whatsoever. That doesn’t mean there is nothing strange going on with Tether, but for now, it has less of an effect on the current Bitcoin price trend. How this situation will evolve, remains to be seen.
It was pretty evident Tether was issuing additional USDT to prop up the Bitcoin price. Although this has never been proven, coincidences like these do not exist in cryptocurrency. More USDT were issued at the same time the Bitcoin price showed signs of weakness. The same cycle repeated itself multiple times over. However, this current price jump has nothing to do with USDT or any other shenanigans. It seems we may have some organic growth for the time in a while.
Another Suspicious Bitcoin Price Pump?
There is still a lot of speculation affecting the Bitcoin price. It seems people are using other means to do so right now. We see more direct fiat currency enter the market all of a sudden. This is not just the case for BTC, but most altcoins as well. At the same time, a lot of altcoins are converted to BTC and vice versa. This mix of “old” and new money in cryptocurrency yields some spectacular results. It also shakes up the “power structure” between Bitcoin and altcoins, but in favor of the alts.
Depending on whom you ask the question, this price trend originated from Bitfinex or somewhere else. The correlation between Bitfinex and Tether has been problematic for quite some time now. Then again, Bitfinex is the biggest exchange for Bitcoin trading on a global scale. Not every order placed on this platform is linked to USDT either. Unfortunately, all buy orders will be scrutinized by certain individuals regardless. There was a Bitcoin price gap between Bitfinex and all other exchanges, though.
All of this makes any Bitcoin price trend look rather suspicious. It is doubtful that situation will change in the near future. One could argue a lot of USDT was parked on exchanges waiting to be used for another Bitcoin price pump. We will never know whether or not that is the case, unfortunately. Market manipulation occurs with any currency, whether it is Bitcoin or an altcoin. For now, the alts are holding their own with relative ease, which heralds a very promising future.
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