The Tether Treasury just minted 15 million Tether (USDT) tokens, around $15 million in USD, according to the Twitter account Whale Alert (@whale_alert).
A subsequent tweet revealed that almost 10 million in USDT was then moved to the Huobi exchange. Coincidentally, this trading occurred shortly after Bitcoin’s price crashed to the $8,000 mark today, as many believe that Tether is used to pump Bitcoin. There’s some validity to that belief, of course, because more often than not, Bitcoin’s price moves significantly after a big mint.
Another Tether Mint
After all, Tether’s price is almost always leading Bitcoin’s in volume. And, nearly every time the Tether Treasury stops minting USDT, Bitcoin’s price sees stability. That’s not to mention that USDT/BTC is one of the most popular Bitcoin trading pairs as well.
However, despite Bitcoin’s big drop from earlier today, the asset price is already hitting the higher half of $8,000. As of press time, Bitcoin is trading at around $8,600, seeing a slight recovery.
Moreover, this current Bitcoin price drop was somewhat predicted last month, considering that Tether saw some declining trading volume which usually correlates to a drop in the price of the former.
The Lawsuit Continues
There’s more to the story, though, as Tether has been involved in a lawsuit with Bitfinex over the latter using the former to hide missing funds. A ruling by the Supreme Court was continually delayed until today, actually, where it has been revealed that Tether and Bitfinex have been allowed a stay of appeal.
The case has been regarding the New York attorney general Letitia James trying to force the two companies to turn over papers regarding the alleged cover-up. But, the stay of appeal means the accused doesn’t have to do anything yet, and may not have to at all. The case isn’t over, however, and things could turn against Tether and Bitfinex as proceedings continue.
What do you think about the most recent Tether mint? Will Bitcoin’s price see a quick recovery? Let us know your thoughts in the comments below.
Images are courtesy of Twitter, Shutterstock.