min to read

2019-10-04 10:23:07




News

RESEARCHERS FIND OUT HOW TETHER EMISSIONS AFFECT BITCOIN PRICE

TOKENANALYST RESEARCHERS FOUND OUT

min to read

2019-10-04 10:23:07

TokenAnalyst researchers found out that in 2019, the price of bitcoin showed an increase in the day of issuing USDT tokens in the Ethereum blockchain in 70% of cases.

TokenAnalyst researchers found out that in 2019, the price of bitcoin showed an increase in the day of issuing USDT tokens in the Ethereum blockchain in 70% of cases.

 

 

Within a year, Tether issued tokens in Omni (bitcoin) and Ethereum blockchains for $1.5 billion.

 

At the same time, in 19 out of 27 cases (70%) of the USDT issue of the ERC-20 standard, the price of bitcoin grew. In case of Omni - in 12 out of 24 (50%).

 

 


 

 

Analysts found out that the larger the emission of Omni, the more likely the drop of bitcoin (the correlation between the number of tokens and the price movement was -1.6%). The situation is different with Ethereum tokens (the correlation was 15.8%).

 

TokenAnalyst co-founder Sid Shekhar said in a comment to Bloomberg that bitcoin traders could track Tether's emissions changes for decision-making.

 

It should be reminded that possible manipulations with the Bitcoin exchange rate using the Tether emission during the 2017 rally were the subject of an investigation by the US Department of Justice and one of the most popular conspiracy theories in the industry.

All rights reserved © CryptoRivista