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Report Finds Correlation Between USDT Issuances and BTC Price Moves

The Tether Report, a pseudonymously authored analysis examining the speculative assertion that bitcoin price volatility is highly correlated to the issuance of new USDT, has claimed that approximately 48.8% of bullish price movements have occurred within the two-hours immediately following ninety-one individual Tether grants.

Also Read: Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $3 Billion USD

Pseudonymous Author Scrutinizes Tether’s Operations

Report Finds Correlation Between USDT Issuances and BTC Price MovesThe Tether Report is authored under a pseudonym comprising a long string of alphanumeric symbols – with the author attributing such to their desire not to be identified out of concerns relating to the possibility of a “backlash” in response to their findings. Tether is described as a “stablecoin” – a cryptocurrency of which the tokens seek “to maintain a stable value of one USD per Tether or ‘USDT’.”

The report states that “Tether in its current incarnation is a 2014 rebranding of Realcoin [that] ostensibly function[s] by taking USD deposits from customers and exchanging them for an equal amount of USDT.” The author describes “the ability to price digital assets in USD without having USD-denominated bank accounts” as a major function enticing exchanges to adopt the cryptocurrency, stating that “the extreme difficulty many exchanges have faced in maintaining banking relationships” makes USDT “quite attractive.”

Tether Subject to Speculation Regarding Suspicious Activities During 2017

Report Finds Correlation Between USDT Issuances and BTC Price MovesThe report states that “A number of worrying events […] brought attention to Tether throughout 2017.” During April, Tether and Bitfinex “revealed that their banking relationships in Taiwan Read More Here