With the current trembling Bitcoin price in mind, it’s only normal people keep a close eye on things. This is especially true when it comes to things which can shake things up significantly. Tether seems to be printing even more USDT than normal. This alarming rate worries a lot of people, even though it may very well be the normal order of things. Not too long ago, the company added another 100m USDT to the growing supply.
It is evident there are concerns over what Tether is doing. These concerns have been present for quite some time now. If the company issues more USDT than they have reserves for, things will become very problematic. So far, there is no indication things will get out of hand, but one never knows how the situation evolves. Tether seems to print a high amount of USDT whenever the Bitcoin price collapses. To keep up with the recent dip, it is evident something will need to change.
More Tether Controversy in the Making?
It didn’t take long for people to point out the newly added USDT. Whether or not this money will be used to prop up the Bitcoin price, will remain a mystery. It is certainly possible this is the main reason why Tether keeps increasing their supply. However, they will need to print a lot more of this currency to keep things up. Bitcoin is in a full-fledged bear market and things will not improve anytime soon. The market demands blood and they will get it one way or another.
It is not the first time Tether issues so many USDT in one go. The company’s “printing” seems to grow more erratic as time progresses. Either they have some major clients no one knows about, or things aren’t adding up. For now, we will never know which side is true, which is rather unfortunate. Rest assured people will keep a close eye on where these tokens are sent to. One of the bigger exchanges such as Bitfinex seems to be a very likely target.
For the time being, no one knows what the future holds for Tether or the Bitcoin price. The cryptocurrency markets are currently in a very bad shape. It is not unlikely the worst has yet to come at this point. At the same time, this is a healthy and much-needed price correction. A lot of weak hands are shaken out and the so-called “shitcoins” go back to where they belong. An interesting future lies ahead for cryptocurrency, that much is evident. What role Tether will play in all of this, is very difficult to gauge right now.
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