Current BTC Prices Depend on USDT: Analysts

Wed, 08/22/2018 - 10:27

On Aug. 21, a large amount of USDT coins were sent to the Bitfinex hot wallet, thus preventing BTC prices from dropping below $6,000 and sending it upwards

Current BTC Prices Depend on USDT: Analysts

Cover image via U.Today

Read U.TODAY on

Google News

On Aug. 21, a large amount of USDT coins were sent to the Bitfinex hot wallet, thus preventing BTC prices from dropping below $6,000 and sending it upwards. However, now the USDT treasury contains the last 150 mln tokens, which means a new emission may come soon.

Right now, the USDT share on all crypto exchanges exceeds 46 percent, according to the CryptoCompare analysis. A conclusion that can be made is that currently BTC prices are not connected with “an inflow of institutional investors” but is the result of USDT trading and liquidity.

#Bitcoin

About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.