There's been a theory that the only reason Bitcoin price goes up is because of Tether printing.
This theory has been debunked by actual statistical research at the University of California, Berkley.
But you don't need to do that much statistical research to see this for yourself. All you have to do is look at the chat.
When Tether prints, their market cap spikes up. Then all you have to is compare it to the price of Bitcoin.
Bitcoin price almost always foreruns Tether minting. The only exception is when Tether plays catch up, and may occasionally looks like it foreruns the price.
The action this past month:
Here's a look at what happened in the past month, as an example. Charts are showing the same timeline.
Part 1: the start of the rally:
On the 7th, the bulls woke up, and started climbing the stairs:
Start of a Bitcoin price rally on the 7th after flat action
3 days later, Tether started to print in response:
Tether printing in bigger chunks in response, in multiple phases, 3 days later.
Part 2, the last push before flat-lining again:
Bitcoin continued to climb, and Tether continued to print, with about 2 days delay.
Last price push starting on the 14th before flattening.
Last big push of Tether printing on the 16th.
Last big mint on the 16th before flattening.
Part 3, Bulls waking up again on the 26th, and Tether pushing big minting in a couple of phases:
Bitcoin starts a big rally on the morning of the 26th, after flat action.
Bitcoin rally, starting at around 10 am on the 26th.
More than 6 hours later, Tether starts to mint in bigger chunks.
Tether cranks up large minting again on the evening of the 26th and 27th.
Sometimes Tether prints, and Bitcoin dips behind it, as we've seen yesterday:
If Tether is supposed to cause Bitcoin price rise, why is Tether minting sometimes followed by dips in price:
Tether printing is sometimes followed by a drop in BTC price, as Tether can't predict dips.
Month chart of Bitcoin vs Tether overlay:
https://preview.redd.it/mb7y125lkqmc1.png?width=944&format=png&auto=webp&s=9c43ebf6633bef38981ee4b1608df2f61772b37e
The thing is, no statistical analyst can be sure which round of printing actually pumps the price every time. It does not necessarily have to mean today’s pump is the result of yesterday’s printing. It could be last month’s printing. Today’s printing may be reserved for next month’s pump. Besides, Tether is 100% unaudited. Nobody knows where is the source of fund for the countless billions being printed.
Actual statistical research
You son of a bitch IM IN
Shhhh, don’t tell the buttcoin cult about this, they will have to make up some other bullshit to justify their weird little circle jerk of ignorance.
Dunno still a shit coin on shit coin chains ‘backed’ by another shit coin.
The guy that invented USDT is a fucking genius. He was probably like “man, I wish I could buy some bitcoin but I have no cash. Know what, I’m going to print my own coin, call it stable and fully backed and give it to idiots in exchange for bitcoin. Who the fuck will catch me anyway?”
I’m pretty sure that if a lot of people would want to exchange usdt for usd, the whole shit would be revealed and everything goes to hell.
So basically your message is that everything is a big bluf??
Mining is from inflow and outflow of Money to tether
Tether, hahaha
Yes.
BTC price goes up, people sell for more dollars, which are then exchanged into FIAT or converted to USDT. Also, USDT is also used for short/long sellers because they need other peoples money to borrow to play.
You are not looking at the minting of USDT, you are looking at the market cap of the circulating supply. This does not equal minting or “printing”. Tether keeps several billions of minted coins in their wallets as reserve and uses them in chunks of hundreds of millions when they please.
Aside from that, Tether is not the main coin used for the washtrading pumping of BTC. Binance usually uses their own coins for this. In earlier times it was BUSD and TUSD, now it is FDUSD.
As you can see on coinmarketcap the largest trading pair for BTC is with FDUSD. FDUSD is a Justin Sun connected coin with a market cap of ~3 billion but a 24h volume of a staggering 24 billion USD. Meaning every FDUSD in existence is traded 8 times a day. I am not going to explain to you what this means.
Tether only comes into into play to stabilize the peg of the current pumping coin.
My theory is tether artificialy pumped btc for years but it eventually caught up with them and all the big exchanges bailout tether.
Tether is still shaddy af.
> statistical research at the University of California, Berkley.
Link to the study?
Awesome post op. Thanks for the information!
Couldn’t it be that many more people sell btc for tether when it goes up? It makes a lot of sense for many especially when in their countries crypto to crypto gains are not taxed and crypto to fiat gains are taxed. Would bring the same logic, no?
OP is wrong about everything, this link shows when stables are printed.
Tether has no audit. Basically theyre laundering money of criminals. There are no demand for bitcoin or anycoin around the world. Only criminals and their manipulations.