RATE Group | No, Tether Didn’t Print $500M of USDT, Boosting Bitcoin Price to $8,000
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No, Tether Didn’t Print $500M of USDT, Boosting Bitcoin Price to $8,000

10 Jan No, Tether Didn’t Print $500M of USDT, Boosting Bitcoin Price to $8,000

Posted at 10:38h in Ethereum News by

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It appears that Bitcoin bulls aren’t ready to take a breather just yet after the jump to $7,600 just hours ago. Just an hour or so ago, the cryptocurrency surged past $7,900, reaching as high as $7,980 as buyers finally have stepped in. As of the time of writing this article, the cryptocurrency is up 5.79% in the past 24 hours, slightly underperforming Ethereum’s near-6% performance and dramatically falling short of XRP’s jaw-dropping 12% gain.

Due to the fact that this move in the cryptocurrency market literally came out of nowhere, with few analysts predicting such strong of a bounce would take place, analysts have been trying to look for answers to the question “What caused Bitcoin to surge near $8,000?”

The answer seemed obvious: according to Coinmarketcap, the leading cryptocurrency information source, reported that the market capitalization of USDT, Tether’s foremost stablecoin, seemingly jumped by $500 million, implying to some…

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