Current BTC Prices Depend on USDT: Analysts

  • Yuri Molchan
    📰 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


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. 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 has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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