RATE Group | Bloomberg: $500 million in Tether (USDT) Has Made No Impact on Bitcoin (BTC) Price
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Bloomberg: $500 million in Tether (USDT) Has Made No Impact on Bitcoin (BTC) Price

27 Aug Bloomberg: $500 million in Tether (USDT) Has Made No Impact on Bitcoin (BTC) Price

Posted at 20:07h in Bitcoin News by

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Bitcoin (BTC), Tether (USDT)–Despite Tether (USDT) printing over half a billion dollars worth of new coinage throughout the month of August, financial news outlet Bloomberg reports the move has had little to no impact upon the crypto markets.

USDT No Longer Impacting Bitcoin Price

While the company behind the most popular stablecoin cryptocurrency, now ranked 8th in total market capitalization with $2.84 billion in circulation, has been the target of numerous investigations, particularly those pertaining to the assets backing the coin, August’s massive influx of new tethers is apparently not swaying the crypto markets. Despite adding an additional $500 million worth to the total market capitalization, a move that has in the past brought accusations of Tether and its partners artificially propping up the price of the industry, Bloomberg reports that the link between new USDT hitting exchanges and an increasing Bitcoin price has eroded over the past year. Whether because of the…

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