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.