Tether appears to be responding to the decline of the cryptocurrency market today by minting new 60 million USDT. Whenever this has happened in the past, the cryptocurrency market often experiences a spike in volatility.
,000,000 💵 💵 💵 💵 💵 60,000,000 #USDT ($ 59,732,218) minted at Tether Treasury
– Whale Alert (@whale_alert) March 11, 2020
The Tether money printer started operating after the latest bitcoin market incident, with the latest batch generating 60 million USDT. This large-scale transaction on March 11 was printed earlier shortly after BTC collapsed on Monday.
Typically, a large investor orders and deposits cash into Tether's account, after which the company prints the amount of USDT corresponding to the 1: 1 ratio. That investor will bring the money to the crypto trading market.
Dovey Wan, co-founder of Primitive Crypto and commentator on crypto-related matters in general, said the latest money-printing was “printing money out of thin air.” , the English idiom that says money is printed unexpectedly, cannot be expected). Former US President Donald Trump also criticize Bitcoin and Libra with similar quotes.
So this means Tether can ACTUALLY print money out of thin air without the actual deposit or collateral in place
well, at least exported better than the central banker ie. we are able to have on-chain transparency whenever Tether prints https://t.co/3r4bGhQ8sv
– Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) March 11, 2020
The newly printed USDT is also credited from leaving Tether's wallet and entering the cryptocurrency ecosystem.
The Tether Treasury is always ready to issue money at any time. Previously, Binance held the largest USDT wallet, but for now, Tether Treasury is the largest owner. At any time, those coins can leave the wallet and jump into the market. Treasury may also withdraw money if deemed necessary. But so far, the supply of USDT has only expanded without receding. Tether is increasingly acting like the Central Bank of the cryptocurrency world.
Despite the new money being injected, BTC is still stuck around $ 7,850. USDT has also reduced its trading volume to about $ 47 billion every 24 hours, down from a peak of nearly $ 60 billion per day. This leading stablecoin currently has the highest trading volume, especially on futures contracts with major exchanges such as Bitmex, Binance Futures, Okex, Houbi … Currently, most USDT tokens are issued on the Ethereum network. Most recently $ 300 million USDT on the TRON blockchain had to switch to Ethereum due to user demand.
The new USDT printing since the beginning of 2019 has led to a significant growth in Bitcoin and Altcoin volume.
The latest money-printing times accelerated over the past few weeks, reviving the story that the price of BTC relies heavily on manipulated transactions. Extra liquidity helped boost the market and up to 71% of all BTC transactions are currently happening against USDT, up from about 60% in the past few weeks.
You can see the price of virtual currency here.
Thạch Sanh
According to AZCoin News
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