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- Tether scam (could be true, but look at tether marketcap, and look at BTC marketcap). How can anyone say that BTC price is up because tether printed tokens out of thin air to pump BTC price? It would not have a big impact...
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This is a misconception.
You can easily move the Bitcoin price by several hundred $ with 10M $ in bids.
Imagine what these Tether issuances of 50-100M $ could do. Some people also
suppose that many USDT are used for margin trading, which intensifies their effect
even more.
People believed that the 2017 bull run was due to good news like
the introduction of Bitcoin futures. If Tether would be exposed as a fraudulent
operation and people realize that the majority of the bull run was caused
by printing USDT that would set back Bitcoin for years.
You should also take a look at
www.tetherreport.com and their work.
Especially this takeaway:
Tether printing moves the market appreciably; 48.8% of BTCs price rise in the period studied
occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet.
You shouldn´t underestimate the impact of Tether. It´s not just FUD.
However, I agree with your general post and I think you are definitely spot on
about the India, China and South Korea news.
Good post, I just happen to disagree on the Tether situation.