vit05 (OP)
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October 15, 2018, 05:25:26 PM |
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Marius Kramer, No. 1 Bitcoin writer on Quora worldwide Answered 8h ago At first, there were scam rumors for Tether, because only USDT pairs pumped. Furthermore, there was the rumor that all USDT pairs will be delisted from Binance. That’s why everybody thought all USDT pairs are pumping because everyone wants to get out of USDT. An hour later Kucoin suspended tether deposits and withdrawals. https://www.google.de/amp/s/bitc... These were all the assumption. However, the actual reason is most likely very simple. It was just a whale buying up lots of Bitcoin with lots of USDT that he held. In fact, he bought up $500M worth of Bitcoin, which made the Bitcoin market cap go up by $25B. Here is how it works: He buys up Bitcoin so that the price goes up by 10%. All USDT pairs pump by 10%, too. So if IOTA is worth 9000 Satoshi, which is $0.5 and Bitcoin goes up by 10%, IOTA is still worth 9000 Satoshi, but then $0.55, so it shows as a 10% pump in the IOTA/USDT pair, while remaining stagnant in its BTC pair. So, this doesn't have to do anything with Tether, just a whale buying lots of BTC. When that happens, USDT pairs always pump, because of math. However, I don’t think it was an institutional investor, but someone who had lots of USDT. So, he bought $500M worth of Bitcoin with USDT. Since, this put a lot of USDT on the market, the USDT price tanked. If you look at Top 100 Richest Bitcoin Addresses and Bitcoin distribution, there are currently only 3 addresses that hold that much wealth and they all belong to the exchanges Bitfinex, Bitrexx, Binance. That means, it must be a whale from January during the height of the bull run, where there were around 50 addresses with that much wealth. It was probably one of the 10 largest Bitcoin whales who had cashed out half a billion into USDT back in January and now decided to sell all Tether, because of all the sketchiness surrounding it and because he thought Bitcoin has probably found its bottom. That’s why he decided to buy back in now. Now, the Bitcoin/USD and Bitcoin/USDT markets have to even each other out at probably around $6,600. If you found this answer helpful, please leave an upvote. P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee quora Marius Kramer
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In order to get the maximum amount of activity points possible, you just need to post once per day on average. Skipping days is OK as long as you maintain the average.
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harizen
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For support ➡️ help.bc.game
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October 15, 2018, 05:39:56 PM |
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Next time if you will copy-paste a content make sure that you also construct it the right way and have some own thoughts also about the topic. Even you posted a link still it's like a form of plagiarism.
You don't have to include these lines:
"Answered 8h ago"
"f you found this answer helpful, please leave an upvote."
"P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee"
Anyways, the author have some good insights and analyzation about the "specific reason" why the price rallies today. However, there are still other factors that we can look into why it turned out like that. As of typing, price went back again to $6,400+ spoiling the sudden excitement of an average joes.
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Gaaara
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October 15, 2018, 06:44:26 PM |
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You don't have to include these lines:
"Answered 8h ago"
"f you found this answer helpful, please leave an upvote."
"P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee"
Anyways, the author have some good insights and analyzation about the "specific reason" why the price rallies today. However, there are still other factors that we can look into why it turned out like that. As of typing, price went back again to $6,400+ spoiling the sudden excitement of an average joes.
I agree, with those words the impact to the readers will be as if it wasn't copied or it's only used for some preferences while in fact it was mostly a one person stated and passed to another, categorizing the authors written work to make it owned content, the problem is it shouldn't be looked like that.
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figmentofmyass
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October 15, 2018, 07:28:32 PM |
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you could think of it as USDT whales or bitfinex whales. bitfinex = tether. they are one and the same, owned by the same people. that's why USDT trades as USD on bitfinex markets.
it's at least partly to do with bitfinex's banking problems. they shut down fiat deposits and there have been withdrawal delays, so people are panicking about insolvency. that's why people are willing to pay a premium (>5% right now) to get their USD off bitfinex (or out of USDT) via the only possible exit route: buying crypto.
the question now is whether technical traders view this as a legitimate breakout or not.
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Marcel555
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October 15, 2018, 08:52:16 PM |
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you could think of it as USDT whales or bitfinex whales. bitfinex = tether. they are one and the same, owned by the same people. that's why USDT trades as USD on bitfinex markets.
it's at least partly to do with bitfinex's banking problems. they shut down fiat deposits and there have been withdrawal delays, so people are panicking about insolvency. that's why people are willing to pay a premium (>5% right now) to get their USD off bitfinex (or out of USDT) via the only possible exit route: buying crypto.
the question now is whether technical traders view this as a legitimate breakout or not.
Could that be the reason why bitcoin's value is higher in bitfinex than other exchanges? There us a wide gulf in price of bitcoin on the different exchanges at the moment. I wouldn't call this a legitimate breakout. Rather a momentary spike in price caused by forces not directly connected with project development and adoption.
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tenakha
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October 15, 2018, 09:17:21 PM |
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People used the USDT to store fixed money, but this happening will cause fear in the people against USDT, people will be less interested and this will affect the volume of Bitcoin. Maybe it will play a positive role for the future price. The other way for storing is fiat which will cause to lose interest and i don't think more folks will try. Already Bitcoin's price is more stable than USDT in recent days, it is best to try.
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figmentofmyass
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October 15, 2018, 10:08:38 PM |
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you could think of it as USDT whales or bitfinex whales. bitfinex = tether. they are one and the same, owned by the same people. that's why USDT trades as USD on bitfinex markets.
it's at least partly to do with bitfinex's banking problems. they shut down fiat deposits and there have been withdrawal delays, so people are panicking about insolvency. that's why people are willing to pay a premium (>5% right now) to get their USD off bitfinex (or out of USDT) via the only possible exit route: buying crypto.
the question now is whether technical traders view this as a legitimate breakout or not.
Could that be the reason why bitcoin's value is higher in bitfinex than other exchanges? There us a wide gulf in price of bitcoin on the different exchanges at the moment. I wouldn't call this a legitimate breakout. Rather a momentary spike in price caused by forces not directly connected with project development and adoption. yeah, that was quite the pullback. heading into the daily candle close, this might just be a wick outside the range even on bitfinex. not a full retrace though. we'll see what happens over the next day or two. i remember thinking it wasn't legitimate last year either, when bitfinex lost wells fargo and a similar price premium developed between exchanges. but eventually the other exchanges caught up and........bubble.
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Bitcotalk
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October 16, 2018, 12:40:46 PM |
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This causes another question mark. If a person cashed out all of their bitcoins into usdt back in january and than thinks that it is great time to buy bitcoin right now with those usdt he has than it means dude was right that we were getting into a 10 month bear market so maybe he could be on to something and think we are going to moon soon as well? I mean of course we have no idea knowing if this story is real or not, I just take it at the face value and believe it but maybe something different happened who knows. I just assume if a person got out at the peak and now got back in than he must be thinking we are going up and that means we have a 500 million dollar bet on bitcoin going up today. However considering the price already fall back down, there is not much hype around that coming anytime soon.
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rodalutor
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WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN
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October 16, 2018, 01:51:07 PM |
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The price movement was nothing important or new and shouldn't be analyzed in so much depth. We've seen for the last few months bitcoin moving between levels of 6100 and 6700. It seems almost obvious now that that's all that's happening, there's no fundamental reasoning behind it.
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﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
☆═══━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═══☆
≈ WORLD POWER PRODUCTION ≈ █ █ █
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cabron
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October 16, 2018, 02:00:20 PM |
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What do you think is the reason why all of a sudden that whale's confidence spikes up and invest his millions on BTC? He must have an inside information either from exchanges to financial institutions or ETF council? You don't just do it because you see the price seem not getting lower than $6k, if I were him and without any information from anyone that its a good day to buy, I wouldn't buy.
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Pursuer
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Where is my ring of blades...
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October 16, 2018, 02:16:20 PM |
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it doesn't really work that way though! first of all let me mention that the recent rise was not a rise at all but in fact a fall. in other words value of Tether dropped so in order for altcoins to keep their value up they needed to rise against Tether and that is what happened here. but lets get to the middle part of OP comment. when bitcoin rises (assuming Tether is worth $1) altcoins seemingly rise up but not because they keep their value, in fact they fall in value against USD and BTC but because this fall is not equal to bitcoin price rise, the final result is a rise. for example if bitcoin is $1000 and some altcoin is worth 0.1 BTC and then bitcoin goes up to $2000 that altcoin, if it remains 0.1 BTC will rise to $200 which is impossible for that coin to happen because there is nobody buying it. what happens is that rise of bitcoin from $1000 to $1000+ will start creating arbitrage opportunity in ALT/BTC and ALT/USD and as traders arbitrage this the final value of that coin will go somewhere between $100 and $200 and closer to lower bound. so the final result will be an altcoin worth around 0.06 BTC which is a big fall but thanks to arbitrage traders the value of it rose a little to $120 in a fake manner.
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Only Bitcoin
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nicster551
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October 16, 2018, 02:50:20 PM |
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Marius Kramer, No. 1 Bitcoin writer on Quora worldwide Answered 8h ago At first, there were scam rumors for Tether, because only USDT pairs pumped. Furthermore, there was the rumor that all USDT pairs will be delisted from Binance. That’s why everybody thought all USDT pairs are pumping because everyone wants to get out of USDT. An hour later Kucoin suspended tether deposits and withdrawals. https://www.google.de/amp/s/bitc... These were all the assumption. However, the actual reason is most likely very simple. It was just a whale buying up lots of Bitcoin with lots of USDT that he held. In fact, he bought up $500M worth of Bitcoin, which made the Bitcoin market cap go up by $25B. Here is how it works: He buys up Bitcoin so that the price goes up by 10%. All USDT pairs pump by 10%, too. So if IOTA is worth 9000 Satoshi, which is $0.5 and Bitcoin goes up by 10%, IOTA is still worth 9000 Satoshi, but then $0.55, so it shows as a 10% pump in the IOTA/USDT pair, while remaining stagnant in its BTC pair. So, this doesn't have to do anything with Tether, just a whale buying lots of BTC. When that happens, USDT pairs always pump, because of math. However, I don’t think it was an institutional investor, but someone who had lots of USDT. So, he bought $500M worth of Bitcoin with USDT. Since, this put a lot of USDT on the market, the USDT price tanked. If you look at Top 100 Richest Bitcoin Addresses and Bitcoin distribution, there are currently only 3 addresses that hold that much wealth and they all belong to the exchanges Bitfinex, Bitrexx, Binance. That means, it must be a whale from January during the height of the bull run, where there were around 50 addresses with that much wealth. It was probably one of the 10 largest Bitcoin whales who had cashed out half a billion into USDT back in January and now decided to sell all Tether, because of all the sketchiness surrounding it and because he thought Bitcoin has probably found its bottom. That’s why he decided to buy back in now. Now, the Bitcoin/USD and Bitcoin/USDT markets have to even each other out at probably around $6,600. If you found this answer helpful, please leave an upvote. P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee quora Marius KramerUSDT really has a lot of issues for the past few years and it really went down yesterday that makes the price of Bitcoin go up because those USDT holders got out of USDT and put it all in Bitcoin.
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goodluck0319
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October 16, 2018, 07:34:20 PM |
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perhaps this is due to the situation around stable coin, as these coins attract more attention to cryptocurrencies
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clickerz
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October 17, 2018, 12:50:35 AM |
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People used the USDT to store fixed money, but this happening will cause fear in the people against USDT, people will be less interested and this will affect the volume of Bitcoin. Maybe it will play a positive role for the future price. The other way for storing is fiat which will cause to lose interest and i don't think more folks will try. Already Bitcoin's price is more stable than USDT in recent days, it is best to try. Thats what I read also, USDT loses value and it pump up the BTC price and on most altcoins. Bitcoin is stable at 6,000 dollar range, it has great support. Some says its just a test to USDT and I hope it will trigger a bullrun in the future.
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Open for Campaigns
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kikoy999
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October 17, 2018, 01:04:57 PM |
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That's good news for me but i missed up for that date and forget to check bitcoin price in that day but now bitcoin is quiet growing up.
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Crypto Girl
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October 17, 2018, 03:22:53 PM |
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Then we can say that there will be something that whales cooking up though we can't be certain but whatever it is hopefully everyone can benefit to it. Like come on we're longing for some good pump, just give some pump that can make everyone go crazy and let the FOMOs come in.
P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee
Alright. This made my day
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okala
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October 17, 2018, 05:02:26 PM |
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We have some news that influenced investors confident on the market and that is why bitcoin price spake up in a very high ways. I think we should buy bitcoin now that we can still afford it at a very cheap price before the fidelity brokers come into the market.
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Jamjamz30
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October 17, 2018, 05:20:21 PM |
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The spike recently caused most investors to be positive with the market. They felt that this is it, the bull market is coming. But, the spike was just a sign of something big is about to happen and saying that bitcoin is not dying. I think, bull run about to happen early next year.
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cryptoblazter
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October 17, 2018, 05:28:24 PM |
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We may never know the real reason of the spike of bitcoin's price of about 12% in just a matter of hours. Was this the sign of a bullis market. How exciting will this past months of the year be! Will holodays become sweet holidays. But, after the sharp rise, there were no significant rise.
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