Tether Has Just Printed 150 Mln USDT. Another BTC Price Pump Incoming?


Tether Has Just Printed 150 Mln USDT. Another BTC Price Pump Incoming?
Contents

Tether, the controversial stablecoin issuer, has recently minted 150 mln USDT. Subsequently, it led to speculation that another BTC price pump might be in the pipeline.

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BREAKING: Tether Confirms That 26 Percent of Its USDT Supply Is NOT Backed by Fiat

BREAKING: Tether Confirms That 26 Percent of Its USDT Supply Is NOT Backed by Fiat

Not this time

Bitfinex CTO Paolo Ardoino has clarified that this freshly printed USDT has been authorized without issuing. 150 mln USDT was sent to the company’s treasury account, and it will be used to fulfill the company’s “future issuance requests,” as Ardoino puts it.

Tether has been long suspected of manipulating the price of BTC after a bombshell study, which concluded that BTC reached its current ATH in December 2017 with the help of the controversial stablecoin. However, considering the aforementioned comments made by Ardoino, it is unlikely that the freshly printed USDT will produce a noticeable impact on Bitcoin since it is yet to be actually issued.

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Ethereum Cofounder Shuts Down Tether Critics

Ethereum Cofounder Shuts Down Tether Critics

At a crossroads

As reported by U.Today, the BTC price surpassed the $8,000 level on June 10 once again after witnessing a six percent spike. That flew in the face of those who pointed out to numerous technical indicators with bearish bias. Even experienced trading analysts were surprised to see the uptick that took place out of nowhere.

While the bulls expected BTC to finally rise above the lower $8,000 level, it didn’t happen. The top coin has just had another minor pullback that pushed its price back to the $7,800 region.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
Contents

Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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Facebook Could Rake in $19 Bln After Rolling Out Its Cryptocurrency: Barclays

Facebook Could Rake in $19 Bln After Rolling Out Its Cryptocurrency: Barclays

The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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'Facebook Coin' Ripped to Shreds by Cryptography Gurus

'Facebook Coin' Ripped to Shreds by Cryptography Gurus

Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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