Tether issues $50 million more tokens

Stablecoin Tether has issued 50 million more tokens equal to $50 million dollars into the marketplace. Some might see this as a sign that Tether is going to manipulate the market upwards like many claimed it did during the bull run of 2017. Other see it as a signal that institutional investors are going to jump in.
A recent audit has found Tether to be mostly or entirely solvent, meaning that they actually have USD backing for all their Tethers. Also, research has shown that Bitfinex’s buying of BTC with Tether only effects the price $4 out of every $10,000, not nearly enough to truly effect the markets so for me that says that all the talk of Tether manipulating the market was false speculation.
The theory that demand will soon increase due to the issue of $50 million more Tethers holds more water but I don’t think that is necessarily the case either since last time Tether issues more Tethers, the market didn’t suddenly go up either. I don’t think this will have a huge impact on the market and people are getting either nervous or excited for no real reason.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s