Tether Prints and PrintsThe remarkable market volatility has been met with an equally remarkable printing spree by Tether Treasury and other stablecoins. As BeInCrypto previously reported, Tether Treasury has printed three batches of $60M USDT in just the past two days. Today, it has continued with yet another $60M USDT set to enter markets shortly. Bitfinex CTO Paolo Ardoino has said this is for an “inventory replenish.” The new batch of USDT has been met with some skepticism. Replies to the news have been mixed, with some calling it an outright scam.
Others compared it to central bank printing, something that the cryptocurrency industry often criticizes. It’s a twist of irony that cannot go unnoticed. https://twitter.com/twetchawk/status/1240998743782154241
Scam !!!— Laputa – 35k$ per #BTC (@Laputa35426131) March 20, 2020
Tether has had a controversial reputation in the cryptocurrency community at large despite being the largest stablecoin. BeInCrypto has previously reported that Tether’s co-founder has publicly said that it “doesn’t matter” if USDT is actually backed by dollars or not.
we cannot print more BTC but we can print a loot of Tether.. the same shit..— P.T (@PTrybas) March 20, 2020
Bitcoin Stays StrongIt’s currently unclear how much of Bitcoin’s price is being propped up by Tether (USDT). However, Bitcoin has been surprisingly strong in the past few days. Bitcoin is currently trading above the $6,400 price point and is up some 7.60% for the daily. This strong positive momentum has happened in spite of a volatile stock market, causing some analysts to effectively declare that Bitcoin has decoupled from traditional finance and found its ‘true market value.’ It should be noted that the printing spree by Tether and other stablecoins happened after a 50% drop last Thursday. So, it remains to be seen whether this bullish momentum will run out of steam. As of now, there are still concerning macroeconomic trends that could unravel cryptocurrency markets again.
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