According to the latest report, after a tremendous increase in price up to thirteen thousand and eight hundred dollars and then on Thursday a flash crash; Bitcoin seems to be the perfect definition of the term volatile right now.
However, it appears that the world’s leading cryptocurrency is about to enter or has already entered a seemingly new phase of integration, as, Tether keeps on pumping out its USDT into the crypto market, adding approximately hundred million since this Friday.
Ever since its launch, the market capitalization of Tether has always been a contentious issue in the crypto space. The recent addition of a little more than three ($3.6) billion dollars, yet again has caused quite a bit of ruckus in the crypto industry.
This whole episode started with the Tweet of “Giancarlo The Tether Whisperer.”
Yesterday there were 36 million ETH Tethers in the Treasury. Today 19 million.
At this rate expect an ETH Tether print or a large-scale transfer of OMNI Tethers to ETH in the next 1-3 days. pic.twitter.com/weBTkqtgfa
— Cas “Orson Newstat” Piancey (@CasPiancey) June 30, 2019
It is worth noting that the day when the volume of Tether reached a historic high of more than forty billion dollars, Bitcoin also experienced its record-breaking high in 2019 on the same day while USDC of Circle remains well behind at a three hundred and sixty-six million market cap, a petty ten percent (10%) of the Tether which reportedly increased by almost eighty percent in April 2019.
There have been many reports that observe that as more Tether enters the crypto market, there is an upsurge in Bitcoin prices. This unique phenomenon has to lead many to believe that the issuer of one of these cryptocurrencies is responsible for manipulation in the price.
Moreover, the University of Texas Austin in 2018 published a thesis that provided evidence to prove the correlation; the thesis stated that at the end of 2017 the bullish trend in the crypto space was artificially induced via newly printed Tether. However, the mystery of this correlation is yet to be solved