RATE Group | Bitcoin Price Analysis: Is BTC ‘Tethered’ to USDT?
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Bitcoin Price Analysis: Is BTC ‘Tethered’ to USDT?

12 Aug Bitcoin Price Analysis: Is BTC ‘Tethered’ to USDT?

Posted at 11:46h in Bitcoin News by

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After dropping within a hair of $6,000, Bitcoin (BTC) price bounced around in a tight $120 range before mysteriously spiking $400 in just 30 minutes. Was this simply a breakout from consolidating prices, or did Tether (USDT) have something to do with it?

Bitcoin Price Market Overview

Loads of people believe that Bitcoin 00, and other cryptocurrencies are being manipulated by cryptocurrency exchanges, whales, and a particular stablecoin that has been implicated in multiple scandals this year.

For this reason, it is interesting to note that today’s massive green candle coincided with $50 million in USDT being transferred to Bitfinex on Saturday.

Meanwhile, others believe that the prolonged bear market is rooting out weak hands, as those who bought at higher prices become hopeless and sell on every BTC pop. There’s been plenty of talk about $6k, $5.5k, $4.3k and even $3k Bitcoin bottoms and BTC has drawn mightily close to all of these projections as bears continue to batter…

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