Current BTC Prices Depend on USDT: Analysts

News
Wed, 08/22/2018 - 10:27
Yuri Molchan
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.

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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, can be contacted at yuri.molchan@u.today.

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