Today we will be talking about Tether, and there’s a lot of controversy surrounding the coin lately
Tether, or the cryptocurrency backed by the United States dollar. Tether is called a stable coin since its designed to always worth $1,00. Before getting the full story, we will go over the market real quick.
We are sitting at over 209 billion dollars in the total market cap. Literally that’s what we were on yesterday.
The flat line is visible since Friday, not a lot of active market movement with a volume of 12,8 billion dollars. Bitcoin dominance is 52.7% which is slightly up from Friday.
Top 5 cryptocurrencies seem very slight growth. Tether is the main thing we will be talking today is not moving and down about 0.2%. Let’s see the top 10 biggest gainers today:
Sirin LABS token is 16% with a market cap of 75 million dollars and a volume of 5 million.
Etheera, 11,33%, the market cap of 73 million and trading volume in the past 24 hours of only 25,000 dollars.
Third in line is NEXO with a 4,69% gain, the volume of 2,5 million dollars and the market cap of 88 million dollars.
Cryptonex’s with a gain of 4,16%, the traded volume is 7,4 million dollars and a market cap of 114,8 million dollars.
The fifth token is Chainlink with a 3,66% gain, market cap of 211,9 million dollars and volume of 9 million dollars.
Tethers Gained Negative Attention After a Reddit Post
The person responsible removed the images but not the title stating that 700 million USD into a printed Tether .
People thought it was an exit scam or something related to the Bitcoin cash hard fork. This kind of affirmations or posts is hurting the crypto space. We decided to find out more, did Tether agreed to print 700 million dollars’ worth of new coins? If so, why would they be doing that?
On the chart, we can see a massive increase in the total value of Tether from about 1.7 billion to 2.5 billion.
Further down the total authorized Tether is at 2.5 billion dollars and then approved but not issued coins are 776 million.
The Magic Number is 776 Million
People believe that this was the number posted on Reddit and deleted afterward. Why would they be printing more Tether coins?
The main reason for that it is because apparently, they’re expecting an increase in trade traffic. If there’s an increase in trade traffic, they probably need more coins. Imagine Bitcoin going on a run going to $10,000 or $12,000 with a lot of people trading bitcoin along the way.
Assuming that bitcoin is rising to $7,800 and you want to get out in Tethers for a couple of days as its retracing. We can expect to see a lot more volume going back and front with bitcoin and Tether as the market goes bullish.
Maybe this is the Sign and Tether Believes in a Bullish Market Soon
Tether believes we are going to see a bit more bullish activity where more people will be using it as a store value. The tether will have to accept everyday exchanges back and front.
If they have 2 billion dollars in their bank account, they need 2 billion issued coins, more money coming in more tokens they have to release.
Just some speculations, based on a Reddit post since we don’t have an official statement from Tether yet. However, we are not excluding the possibility of an Investment Bank joining forces.
Everything is on the transparency page proving Tether is not hiding anything. However, that’s not enough to calm users FUD or Ponzi scheme.
Tether is preparing for something big, and maybe they know something we don’t.
Should we Invest in Tethers? It depends on your knowledge and believes concerning cryptocurrency investments.
Tether looks like an excellent opportunity, but that’s not the way to go about it.
With a bullish market up ahead it makes sense for Tether to be in our portfolios. However, until we see a press release on why they printed 700 million coins, I’ll say wait.