Current BTC Prices Depend on USDT: Analysts

  • 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

Cover image via U.Today

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.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Buy Bitcoin (BTC), USD Is Dying Thanks to Fed Reserve: 'Rich Dad, Poor Dad' Author

Buy Bitcoin (BTC), USD Is Dying Thanks to Fed Reserve: 'Rich Dad, Poor Dad' Author

Bitcoin (BTC) Price Prediction: $1,000,000 Stock-to-Flow Model Author Admits It is 'Not Dead Accurate'

Bitcoin (BTC) Price Prediction: $1,000,000 Stock-to-Flow Model Author Admits It is 'Not Dead Accurate'

Peter Schiff Identifies Worst Threat to U.S. Amid COVID-19

Peter Schiff Identifies Worst Threat to U.S. Amid COVID-19