Analyst Reveals That Tether May Have Been Behind Bitcoin’s $4000 to $13,800 Bull Rally

Bitcoin News Today – Andrew Rennhack, a twitter influencer earlier this week tweeted that Bitcoin’s unpredictable rally from $4,000 to $13,800 was predominantly driven by Tether producing a massive amount of USDT. According to Rennhack in a recent Bitcoin update, he stated that “Bitcoin is not sound money as the entire cryptocurrency market is supported by unaudited Tether which has the top 24-hr trading volume.” Rennhack also maintains that Tether’s USDT issuance rate would “make even the FED blush”.

Rennhack holds the view that there is no rational justification for Bitcoin’s massive bull trend, and he flouts the recurrent chatter that “institutional investors rushed to buy BTC” as privet against stock market instability.

Bitcoin Price Prediction – Bitcoin Price Analysis – Bitcoin News Update – Bitcoin is Not Sound Money – Rennhack

Bitcoin’s market cap follows tether’s as the scheme persists. A twitter analyst on cryptocurrency, Rennhack, maintains that Tether’s USDT issuances are the actual facilitator of the Bitcoin price bull move from $4,000 to $13,800. In June 2019, over $750 million worth of USDT were produced and this issuance strictly affiliates with Bitcoin’s drastic surge to $13,800. Going by trends in the Bitcoin price analysis, Rennhack isn’t the only analyst that believes Tether’s growing market cap influences the Bitcoin price movement. Several analysts and scholars have reached the same consensus since the end of 2017’s massive rally.

In June, 600 million USDT were produced and as these coins dropped into the market, Bitcoin’s price surged from $8,500 to $11,000. Ethfinex founder, Will Harborne, maintains that this occurrence is a confirmation that Tether printing indicates an assumption and bullish Bitcoin price movement.

Harborne further explained that when you observe a huge Tether print it implies that a few affluent clients have preordered consignments of Tethers, in advance, to then deposit in the market, this usually happens before the price starts to surge. Procuring substantial volumes of USDT also permits whales to initiate trades on intensely liquid crypto exchanges that do not transact in fiat currencies.

Bitcoin Price Prediction – Bitcoin Market Cap Likely to Rally More Thanks To Tether

In a recent Bitcoin price prediction and Bitcoin News update, several speculations have been going around the internet, several analysts have been seen equating Tether’s market cap to Bitcoin’s market cap. A keen look at the latest update bitcoin chart shows that Bitcoin’s market cap is likely to dally behind Tether’s market cap. Bitcoin is yet to catch up to Tether’s latest surge and some analysts consider this a supports to the bullish move for Bitcoin over the short-term.

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$9,982.81-1.76%

Affluent investors are obligated to demand a minimum of $100,000 worth of Tether to make purchases directly from Tether’s website. The overall crypto-community is alerted of these transactions through a cryptocurrency tracking bot called WhaleBot. The bot accounts for large transfers and transactions and investors track these movements and deliberate whether the crypto market will react in a bearish or bullish way. Several people think that Tether’s unusual technique of introducing USDT into the crypto market is merely market manipulation.

What do you think? Did Bitcoin rally due to Market manipulation using Tether? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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