Analysis: Tether's additional USDT often “just coincides” with bitcoin price increases

Bitcoin and most other cryptocurrencies experienced a sharp decline on July 1, while Whale Alert data monitoring showed that Tether added 100 million USDTs to the Ethereum network. Bitcoin, which had been rising rapidly, is now spiraling down and has made a sharp correction at the end of June. However, analysts speculate that bitcoin prices will recover as there are 100 million USDTs. Another noteworthy trend appeared on the CMC, when Bitcoin was on the rise. Among the top 14 exchanges, the BTC/USDT trading pair has the largest trading volume. In addition, the $600 million USDT was issued in June, and the bitcoin price in the same month soared from $8,000 to more than $11,000, which is the second rise in bitcoin prices. After the controversial “Tether issuance and bitcoin gains” resurfaced, Tuant Demeester, founder of Adamant Capital, said: “I think the recent addition of Tether only reflects the influx of new dollar funds ( In the bitcoin exchange) ecosystem… 99% of the time, when Tether's supply increases, it often coincides with new dollar funds entering the bitcoin market."