Hi all - I hate the below content removed from r/Bitcoin for whatever reason. I only hold BTC and will hold it for as long as I live, but am always curious to understand the factors moving the Bitcoin price and noted a strong-ish correlation between the recent increase in Tether's market cap and Bitcoin's recent price increase. I'm not looking to assert and position (as I don't care, I'm holding by BTC regardless of price), but don't understand why it'd be removed if the sub is all about freedom and taking back control...
I've included the initial post below anyhow, maybe some insights can be given here. I'm a long term bull for crypto but am conscious of the skepticism around Tether as well, so am hoping there is nothing to this an the price appreciation is genuine interest around the likes of institutional involvement / ETF approval / Bitcoin halving approaching etc...
Thanks in advance for the responses!
FULL ORIGINAL POST:
Title: Implications Of Tether Market Cap Increase For BTC Price
"Hi all - I see many posts on here excited about the recent price increases. Great to see appreciation of all of our stacks. Just curious what people think of the potential that recent price appreciation is being driven by a sharp increase in the supply of USDT (seems to be a high correlation between the BTC price appreciation and increase in supply of Tether over past few months).
Tether obviously has many sceptics for both it's "reserves" and involvement in manipulation of prices. Curious do the Hodlers on here pay attention to this, think skeptically of this or just ignore it? I personally love the qualities of BTC and will Hodl regardless of what Tether does, but curious what others on here think about it's influence over the past few months..."
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