 | There's been a theory that the only reason Bitcoin price goes up is because of Tether printing. This theory has been debunked by actual statistical research at the University of California, Berkley. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3508006 https://cepr.org/voxeu/columns/stable-coins-dont-inflate-crypto-markets But you don't need to do that much statistical research to see this for yourself. All you have to do is look at the chat. When Tether prints, their market cap spikes up. Then all you have to is compare it to the price of Bitcoin. Bitcoin price almost always foreruns Tether minting. The only exception is when Tether plays catch up, and may occasionally looks like it foreruns the price. The action this past month:Here's a look at what happened in the past month, as an example. Charts are showing the same timeline. Part 1: the start of the rally: On the 7th, the bulls woke up, and started climbing the stairs: Start of a Bitcoin price rally on the 7th after flat action 3 days later, Tether started to print in response: Tether printing in bigger chunks in response, in multiple phases, 3 days later. Part 2, the last push before flat-lining again: Bitcoin continued to climb, and Tether continued to print, with about 2 days delay. Last price push starting on the 14th before flattening. Last big push of Tether printing on the 16th. Last big mint on the 16th before flattening. Part 3, Bulls waking up again on the 26th, and Tether pushing big minting in a couple of phases: Bitcoin starts a big rally on the morning of the 26th, after flat action. Bitcoin rally, starting at around 10 am on the 26th. More than 6 hours later, Tether starts to mint in bigger chunks. Tether cranks up large minting again on the evening of the 26th and 27th. Sometimes Tether prints, and Bitcoin dips behind it, as we've seen yesterday: If Tether is supposed to cause Bitcoin price rise, why is Tether minting sometimes followed by dips in price: Tether printing is sometimes followed by a drop in BTC price, as Tether can't predict dips. Month chart of Bitcoin vs Tether overlay: [link] [comments] |
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