Tether Hawk Watchers: $40 Million USDT is Moving, $100 Million Yesterday, Crypto Twitter Begs for Bitcoin Bull Run
We will not bore you to death with more Tether conspiracy theories, but wanted to point out the fact that crypto twitter and reddit are going crazy regarding Tether issuance, movement and overall effect on a possible bitcoin bull run.
Just yesterday, this happened:
— Not TethERC20 Backup Printer (@eurtprinter) September 2, 2018
That's right, $100 Million Tether is being sent to Bitfinex cryptocurrency exchange as many ponder what this will do once activated/used within the markets. Then, again today, another $40,000,000 USDT are on the move – you can see that here – and has everyone speculating as to what is going on, who is responsible, and if they will be using to buy up bitcoin in the very near future.
Now, with all the controversy and shadowy nature of a USD-pegged cryptocurrency stablecoin, Tether does have a whitepaper that calls for regular audits due to failure concerns that they are the sole custodian of customer funds. Yet, why so many crypto investors are weary of the fact that Tether has never had audit performed or at least the results made public.
Whether or not they have the funds backed up and secured and a 1 USD to 1 USDT ratio is pretty hard to tell if you are not on the inside of Bitfinex. They may have the funds, they may not, nobody outside of Bitfinex insiders will ever know.
Just last week we did report on the Bitmex Tether relationship which is worth a read too.
Here is an inside look at a trading chart from PeterM on twitter:
updated tether chart pic.twitter.com/b21H9DcsI2
— █▒ Peter_Mueller👾 (@pmullr) September 2, 2018
A video for those who want to hear more about Tether:
$100,000,000 tether was just sent to Bitfinex….pump incoming? https://t.co/kg6wZ2QX1l
— Nye (@MrMichaelNye) September 2, 2018
— Chris Burniske (@cburniske) September 2, 2018
My bet here is that with the volume back in the market,over $13bn being traded in the last few days (Excluding transaction mining exchanges that have HUGE volume). I suspect we may see a price uptick and the shorts won't have the stamina to ride out the cycle – they will get REKT https://t.co/sTpKnsSohx
— Ran NeuNer (@cryptomanran) September 2, 2018
Many are in agreement that Tether issues are no real problem for BTC/USD. This is based on the fact that USDT can be used for internal transactions for exchanges instead of dealing with fiat/USD/Euro etc. This is what gives many the belief that this is more of a customer vs exchange trust-issue than anything.
What do you guys think of Tether's interesting relationship with the cryptocurrency markets at large? If you are like ConsenSys founder and Ethereum Co-Founder Joe Lubin are not on the Tether is a conspiracy train.