Is the newly minted USDT, a driving force to surge of BTC ?

[Princess Leah]

 The month of march has been a bearish period for Bitcoin since it's history and a lot of whales predicted it's price to go below 60k and probably rise again after March in the anticipated halving towards April.  However we saw a different case this year and instead of BTC going down it has attained a high of 65k today which is close to the price of the All Time High in the last Halving by Nov 2021 which was about 69k if I'm not mistaken.

 Also, Tether recently released about a billion dollar USDT and afterwards we saw the price of BTC surge above its previous price of 62k to 63 and currently 65k plus. This has made lots of crypto enthusiasts wonder if the billion dollar release by Tether is the driving force behind the resurgence of Bitcoin, what do you think about this?

 Well in own my speculation I think Bitcoin could attain a height above the previous ATH of 69k to 70 or 75k and above, before April. Also, if the previous ATH was about 69k there's a possibility that it could double that figure, maybe close to 150k. What's your say on this.

[1714615204]

1714615204

[Dunamisx]

The month of march has been a bearish period for Bitcoin since it's history and a lot of whales predicted it's price to go below 60k and probably rise again after March in the anticipated halving towards April.

Are you sure that you're not making a mistake here from what you're saying, maybe you're intended for bullish instead of bearish because bitcoin has been bullish since last month till now, maybe we may experience a little of its bearish any time soon or later in March, but as for now, we are still bullish in bitcoin market price, try and recheck your statement if something is not missing from what you've already intended top portray.

[Franctoshi]

The month of march has been a bearish period for Bitcoin since it's history and a lot of whales predicted it's price to go below 60k and probably rise again after March in the anticipated halving towards April.

Are you sure that you're not making a mistake here from what you're saying, maybe you're intended for bullish instead of bearish because bitcoin has been bullish since last month till now, maybe we may experience a little of its bearish any time soon or later in March, but as for now, we are still bullish in bitcoin market price, try and recheck your statement if something is not missing from what you've already intended top portray.

You kind of miss his line of point, OP means bearish month for Bitcoin in its History and not that this month is a bearish month so far for Bitcoin, but I guess in the past pre-halving years he's talking about.

And to answer your question OP, definitely I guess this is part of the reason and not mainly the reason because on before the new Tether were printed, Bitcoin already started gearing up for this move, but now it will act as a catalyst to help get the price of Bitcoin where it's headed to, and besides where do you expect those minted Tether USDT to go into? Definitely buying of Bitcoin and other cryptocurrencies as well.

[boyptc]

If we'd take a look on 2017 bull run. It was one of the major reasons they've said why Bitcoin has pumped. I guess there's a driving force for the price of BTC to move up and newly minted Tether did helped on it.

But this time, it's not a major thing but just a helper to what it is right now. We've got several great contributors and one of it is the major driving for of this bull run which are the bitcoin spot etfs.

[adaseb]

When there is a tether print and the market cap goes up it means that money is flowing into the crypto market. Now it doesn’t mean they are buying bitcoin. They can be buying Ethereum or some other alt coin, they can just keep it in USDT and just use it as margin for trading or they can even just lend the USDT for some APR gains.

But in general, it’s bullish. It’s because money is being fed into the market and it will help the system grow overall. It’s rare for tether to have burns but it does it happen. Usually when market peaked, the supply is flat and during a long bear market there might be a tether burn or two. But in the long time frame it usually goes up.

We are nearing $100B as I type this. I think we got $500M to go.

[tyz]

Well in own my speculation I think Bitcoin could attain a height above the previous ATH of 69k to 70 or 75k and above, before April. Also, if the previous ATH was about 69k there's a possibility that it could double that figure, maybe close to 150k. What's your say on this.

If there is a driver for the rally, it is not USDT but the inflows into the Bitcoin ETFs. Currently 900 BTC are mined per day, but the Bitcoin ETFs have to buy around 10k per day to fullfill the demand. This means that around 9k are being bought on the open market every day, which creates a lot of buying pressure. This naturally attracts speculators, who ensure that prices continue to rise.

I read an article in a business magazine a few days ago that if the inflows into the ETFs continue as they have in the last two weeks, then USD 45 billion will flow into the Bitcoin market through the ETFs alone by the end of the year. You can imagine what that would mean for the price.

[nelson4lov]

While I'm not a professional trader or financial advisor, I personally think that Bitcoin will break the previous ATH. My bias is that, there are many people that are longing it because they feel that the price will break previous ATH and one fact about trading is that when many traders are after a particular zone, there is a high chance that it would become a self fulfilling prophecy. Right when BTC broke through $60K, I knew it was coming for the ATH.

And if you're following the history, you would know that this time! It's a lot different. There's an ETF will over $17B in Bitcoin and big people ballers like Michael Saylor are all balls deep including institutions. How can we not be bullish?

[thecodebear]

When there is a tether print and the market cap goes up it means that money is flowing into the crypto market. Now it doesn’t mean they are buying bitcoin. They can be buying Ethereum or some other alt coin, they can just keep it in USDT and just use it as margin for trading or they can even just lend the USDT for some APR gains.

But in general, it’s bullish. It’s because money is being fed into the market and it will help the system grow overall. It’s rare for tether to have burns but it does it happen. Usually when market peaked, the supply is flat and during a long bear market there might be a tether burn or two. But in the long time frame it usually goes up.

We are nearing $100B as I type this. I think we got $500M to go.

Yep. It just means money is coming into the market.

People always claim when  new USDT is created it means they just created it out of thin air lol. I always wonder where do they think this magical money created out of thin air goes lol??! I've never heard of anyone being GIVEN tether for free.

Obviously Tether isn't simply created out of thin air as the conspiracies always claim, it is printed when people bring new fiat into the market and exchange it for Tether. And yeah as you say it doesn't mean all this money is flowing into Bitcoin, it just means a lot of people are exchanging fiat for Tether, which will in general go to Bitcoin or other cryptos or stay in Tether waiting for when they person wants to buy.


So to answer the OP's question: yes, a bunch of new money coming into the crypto market (some of which is being exchanged for Tether) is of course one of the driving forces for the surge of Bitcoin's price. Because people moving money into the market generally means more buy pressure for Bitcoin.

[Princess Leah]

Are you sure that you're not making a mistake here from what you're saying, maybe you're intended for bullish instead of bearish because bitcoin has been bullish since last month till now, maybe we may experience a little of its bearish any time soon or later in March, but as for now, we are still bullish in bitcoin market price, try and recheck your statement if something is not missing from what you've already intended top portray.

I bet you didn't read the 1st paragraph carefully or to the end cause if you did you would've understood my point instead of trying to find a fault in my statement, of course March haven't been very favourable for BTC over the years but there was a U turn this year unlike others cause instead of experiencing a Bearish market, we suprisenly saw Bitcoin surge very high to the point it is currently.

 I think you should try to read and understand properly before you conclude, I saw you only quote a part of my 1st paragraph to favour your statement, how about you had quote to the point where It stated "However we saw a different case this year and instead of BTC going down it has attained a high of 65k today which is close to the price of the All Time High in the last Halving by Nov 2021 which was about 69k if I'm not mistaken".

 We are all here to learn from eachother whether new or old users, and instead of going about discouraging we the newbies, you can as well learn from most of us or rather help us grow, thank you. Anyways I'll leave you a backup link for my statement, you could DYOR as well.
https://www.google.com/amp/s/coinfomania.com/march-the-most-bearish-month-for-bitcoin-why/amp/

[pooya87]

The month of march has been a bearish period for Bitcoin since it's history

March 2023: price goes from $21k to $29k
March 2022: price goes from $38k to $47k
March 2021: price goes from $45k to $59k
March 2020: is bearish: price goes from $9k to $6k
March 2019: price remains in $3k range for the most part
....

and a lot of whales predicted it's price to go below 60k and probably rise again after March in the anticipated halving towards April.

It seems like what you call "whales" were just some idiots who couldn't read the charts to change their strategies based on the actual on going trends. They wished to go against the trend that started months ago and reversed the actual bear trend.
In other words they weren't predicting, they were wishing it.

Also, Tether recently released about a billion dollar USDT and afterwards we saw the price of BTC surge above its previous price of 62k to 63 and currently 65k plus.

Wrong. Because you are narrating a tiny portion of the trend!
Price started rising a long time ago and it has been breaking resistance after resistance at $30k, $40k, $50k, $60k, and soon the $70k. It is not like price had stayed at a fixed level with a completely flat chart with no rise then Tether printed some of its own shitcoin then that flat chart turned into a rising chart!!! It's been rising all along and this centralized shitcoin created more of its tokens to match the increasing volume and most importantly to get ready for the altcoin pump that always follows after Bitcoin starts rallying.

[Youngkhngdiddy]

March 2023: price goes from $21k to $29k
March 2022: price goes from $38k to $47k
March 2021: price goes from $45k to $59k
March 2020: is bearish: price goes from $9k to $6k
March 2019: price remains in $3k range for the most part
....

 Well the OP might be making sense if you ask me, cause if you watch those images closely you'll see that the month of March has been mostly on a  bearish market than bull in the history of Bitcoin, you'll also notice that since 2011 to 2021 it's been on the bear market 8 times and have only been bullish in 2013, 2016, 2019, 2021, and which was the last halving period.
 And if you also notice the second image as well you'll see that they both give accurate same information, it's not as if bitcoin has never been bullish in the month of March before now, you can see that 2013, 19, 21 and 22 where all bullish but the message I think what the OP was trying to pass is that since 2011 or so it's been more bearish than bullish. However some people expected a bear season this March before the halving but there was a U turn this year or would I rather say it didn't go as they predicted.
 That's why it's good for people to DYOR about Crypto currency instead of listening to speculations from the so called whales or paid advertisers. I won't be suprised that a lot of people would be mislead by those predictions and probably sell their coins cause they thought this March would experience a bear market as predicted by people on the media.

[temple]

The month of march has been a bearish period for Bitcoin since it's history and a lot of whales predicted it's price to go below 60k and probably rise again after March in the anticipated halving towards April.  However we saw a different case this year and instead of BTC going down it has attained a high of 65k today which is close to the price of the All Time High in the last Halving by Nov 2021 which was about 69k if I'm not mistaken.

 Also, Tether recently released about a billion dollar USDT and afterwards we saw the price of BTC surge above its previous price of 62k to 63 and currently 65k plus. This has made lots of crypto enthusiasts wonder if the billion dollar release by Tether is the driving force behind the resurgence of Bitcoin, what do you think about this?

 Well in own my speculation I think Bitcoin could attain a height above the previous ATH of 69k to 70 or 75k and above, before April. Also, if the previous ATH was about 69k there's a possibility that it could double that figure, maybe close to 150k. What's your say on this.

You are probably referring to the rumors that were circulating in the past when it seemed that Tether was used to artificially pump the Bitcoin price. While I think that back at the time it probably was the case, there is now more risk for any company running a stable coin to do that as the crackdowns on market manipulators and other scammy activities have become far more severe.

Since its public knowledge, the moment that Tether prints a billion dollar worth of USDT, I am pretty sure that they would be highly careful to abuse those USDT for any illegal purposes. Because chances are high that the SEC or any other authorized institution will investigate how those funds have been used.

But this still doesn't mean that the market isn't being manipulated at all at the moment. Huge players could pump the market slowly while keeping the volume high, making sure that the number of retail investors increases and buys into the surging price.

[mindrust]

Does it matter anymore? They have been printing tether for years and nobody can't do anything about it. The authorities don't care, investors don't care. People are happy because crypto go moon. At this point we will take it seriously only when tether goes down and brings down everything with it. It already become too big to fail anyway. $ 100 billion we are talking about here. An asset that big won't go down silently. (if it does) It will leave a massive crater behind. So why even bother to discuss it? We will learn what tether was about when we are ready. Let's enjoy the ride and pretend it is not there. 

[Natsuu]

While I'm not a professional trader or financial advisor, I personally think that Bitcoin will break the previous ATH. My bias is that, there are many people that are longing it because they feel that the price will break previous ATH and one fact about trading is that when many traders are after a particular zone, there is a high chance that it would become a self fulfilling prophecy. Right when BTC broke through $60K, I knew it was coming for the ATH.

And if you're following the history, you would know that this time! It's a lot different. There's an ETF will over $17B in Bitcoin and big people ballers like Michael Saylor are all balls deep including institutions. How can we not be bullish?

Makes sense. The whole many traders eyeing a zone thing often turns into a self-fulfilling prophecy. I mean when BTC busted through $60K, it felt like the ATH was just around the corner. Now with over $17B in a Bitcoin ETF and big names like Michael Saylor going all-in, it's hard not to catch the bullish wave. The game has changed and with institutions diving in, the excitement is through the roof

[ImThour]

What are the chances that the amount of Tether that is minted will go 100% to Bitcoin? Exactly. So the chances of it being the driving surge of Bitcoin price isn't Tether minting. Maybe you might be aware of Bitcoin Halving? Supply Shortage? And all the interesting stuff around those words? That is what is driving the prices to go parabolic and we are already at the ATH of Bitcoin. And the ETFs, do not forget them. (I do not like them at all but still, they are bringing investors to BTC).

[pooya87]

Well the OP might be making sense if you ask me, cause if you watch those images closely you'll see that the month of March has been mostly on a  bearish market than bull in the history of Bitcoin

OP didn't use a modifier like "mostly" about March. In any case, Bitcoin isn't bullish or bearish because we are in a certain month. There are a large number of reasons why the market moves at any time the way it does.
Exactly why it is rising today. I just started a topic on this another way of looking at the current rally is that simply Dollar is dumping.

[BlackHatCoiner]

Also, Tether recently released about a billion dollar USDT and afterwards we saw the price of BTC surge above its previous price of 62k to 63 and currently 65k plus.

This might have just been a coincidence, though. Which other evidence suggests newly minted USDT drives the Bitcoin price up? I personally see no connection between Tether's money supply and Bitcoin's demand.

People always claim when  new USDT is created it means they just created it out of thin air lol.

Can you prove it otherwise? If Tether does not provide proof of reserve of all these billions of dollars, then what is their money supply apart from thin air?

[thecodebear]

Also, Tether recently released about a billion dollar USDT and afterwards we saw the price of BTC surge above its previous price of 62k to 63 and currently 65k plus.

This might have just been a coincidence, though. Which other evidence suggests newly minted USDT drives the Bitcoin price up? I personally see no connection between Tether's money supply and Bitcoin's demand.

People always claim when  new USDT is created it means they just created it out of thin air lol.

Can you prove it otherwise? If Tether does not provide proof of reserve of all these billions of dollars, then what is their money supply apart from thin air?

haha. Has anyone ever proved the conspiracy theory that Tether prints money out of thin air? Nope. Despite people making that claim for many years there is zero proof its true. It's just a crackpot theory for conspiracy theorists and for people who want to argue that Bitcoin has no value because it's all from fake Tether money haha.

The people making the outrageous claim are the ones who have the burden of proof. So the people making the claim that zero people have ever actually exchanged dollars for tether, despite millions of people using Tether for many years, and that it is $100 billion of fake money...this is the outrageous claim. Until anyone shows any proof of Tether printing money there is no reason to believe the conspiracy theories.

I mean if any of these conspiracy theorists actually thought about how stablecoins work, they'd laugh at themselves. When fiat being exchanged for Tether outstrips Tether supply they literally have to create more Tether. Because the whole point is its a stablecoin. If they don't make create more money when more money is used to get Tether then the price goes above $1. Likewise when Tether decreases, if people are unloading the Tether supply if the company doesn't reduce the supply then there will be too much supply and the price will go below $1.

So whenever some conspiracy theorist says "OMG they printed more Tether!!!!!" and they're freaking out about fake money, they are actually just freaking out that new money is coming into the market and buying Tether. That's literally how stablecoins work lol.

But if you still believe the "Tether is entirely fake" after all these years I doubt you'll ever accept the common sense explanation.


According to your argument, if I don't show you proof of my bitcoin addresses then I don't actually own Bitcoin lol.



I'll be more than willing to accept that Tether prints out of thin air.....as soon as there is literally ANY EVIDENCE AT ALL that it's true. So far, after many years, zero evidence. While the simple dynamics of how stablecoins work perfectly accounts for why more Tether is created over time, same with any stablecoin that increases supply as the crypto world expands. The vast majority of the time the simple common sense answer is the truth buddy, not the conspiracy theory with zero evidence.

Thinking Tether is fake was sooooo 2017 haha. I actually can't believe people are still harping on about that lol

[Easteregg69]

I bought a lot as ETN with EUR.

Edit. All time high today. I lend out BTC on Nexo now. Cheers.

[Cryptonaut1990]

Tether is in a way a private bank offering virtual crypto dollar for the sake of easing paperwork, transfers and arbitrage among traders, investors. Every mint is usually backed by previous wire. Still im sure there are some liabilities like with every bank and some shadow work, if everyone tried to cash out all the Tethers it will fail. I m also sure Tether is not the major force for BTC rise, it helps some sure. But still there are  bank wires, cash, direct payment for services e.g adoption and so on.