Post
Topic
Board Speculation
Re: What Caused Bitcoin to Jump 100%?
by
exstasie
on 29/05/2019, 16:52:38 UTC
- Tether
this is completely irrelevant not to mention that the article is stupidly claiming that people sold Tether for USD and then bought bitcoin with it!!! which caused the price rise.
3) Yes, that's exactly what happened, people exchanged their USDT for BTC

It amazes me that people still deny this phenomenon. Bitfinex/Tether FUD sparked the bubble in 2017 too. They lost banking capabilities in March 2017 so their markets started skyrocketing. Other markets like Coinbase and Bitstamp were hesitant to follow at first, but eventually followed. Technical breakouts then gave way to hype, and the rest is history.

The same thing happened here with the NY AG actions against Tether. Bitfinex began trading hundreds of dollars higher than the rest of the market, but then the market eventually followed. Coinbase and Bitstamp became so bullish they are regularly trading above Bitfinex now.

It's also probably not a coincidence the CFTC is investigating Bitfinex and Tether for market manipulation. You'd have to be crazy to assume these entities have no effect on the market.