A large issuance of tethers was observed earlier today...
Specifically, we saw about $500 million worth of tether enter the market in one 5 minute span.
The result?
You guessed it.... a climbing bitcoin price:
Coincidence? I think not....
Tethers are often the easiest way for traders/investors to move crypto assets, especially in places with tight crypto to fiat on/off ramps.
And large increases in tether have very often happened right before large increases in bitcoin.
Implying that traders are using tether to move into bitcoin.
This was also why many of the skeptics out there were quick to say tethers were being used to artificially prop up the price of bitcoin and other altcoins.
Whether that is true or not seems to still be up for debate.
Either way though, if you are long bitcoin (and the rest of crypto) you love to see large increases in tether...
(Source: https://coinmarketcap.com/currencies/tether/)
As they often precede an increase in the price of bitcoin.
Today is a perfect example as bitcoin went up very shortly after the large tether issuance.
Hopefully eventually some of that love eventually finds its way into steem again.
It's been far to long!
Stay informed my friends.
-Doc
