The controversial Tether company, which is thought to be one of the biggest manipulators of Bitcoin’s price, has issued another batch of 300 million USDT, causing another uproar in the community.
The tether controversy
Tether has generated quite a few controversies over the past couple of months. The company issues a crypto token that has the value of $1. Even though it has no relation with the Federal Reserve, the company is permitted to supply the cryptocurrency right now. But this makes Bitcoin users from all over the world get a little worried concerning this particular system.
Tether’s newest issue of 300 million USDT has raised a lot of eyebrows and questions. It is the first time in over a month Tether issued more USDT tokens through OMNI. In the same month, bitcoin saw a great drop in its price. This has led many to speculate how this company affects the crypto market.
So far, Tether issued almost $1bn worth of USDT since the start of 2018. This seems to show that there is an increasing demand for this cryptocurrency. It appears that all markets which use USDT across many different exchanges are performing quite well these days. At the moment Tether has more than $2.52 billion worth of USDT in circulation. This number do not include the tokens distributed on the Ethereum network, which make up for almost $60 million.
Influence on Bitcoin
People are expecting to see a major surge in Bitcoin’s price in the next 24 hours. This morning, the price passed $9,000 for the first time after a week of dipping below this mark. However, this increase does not seem to be caused by the recent USDT issuing. It appears that bitcoin is just doing its thing without any exterior factors to influence this particular movement for the time being.
But bitcoin is not only one that can be affected by this issuing. The Tether token can be traded with other cryptocurrencies as well. It remains to be seen which of these markets will see a massive increase in the following days.
No one truly knows if there will be more skyrocketing tendencies in the market. For the time being, the reason behind Tether’s new big issuing still has yet to be revealed.