100,000,000 new Tether minted today, will this carry BTC over 10K?

21 Jun, 2019
by David Borman
News
100,000,000 new Tether minted today, will this carry BTC over 10K?

It has just been announced on twitter that a fresh 100,000,000 new Tethers (USDT) were minted only hours ago on the Ethereum blockchain. Some are speculating that this will pump the price of Bitcoin enough to send it finally above $10,000.

The minting can be confirmed by following the link to Etherscan, which plainly shows the details of the transaction:

Many traders believe that Bitcoin tends to pump in the wake of new Tether being minted as often Bitcoin is what the new Tethers are created to purchase. This is supported by the fact that this isn't the first time recently that Tether has minted new tokens, and Bitcoin has been pumping alongside this.

Of course this reveal got a notable response on twitter:

Some questioned the legality/wisdom of Tether being able to just "create money."

Others were confused as to how this causes Bitcoin to rise:

Still others predicted this "pump" would just lead to a dump.

It is too early to say whether Bitcoin is about to hit $10,000, or if this will be the reason if it does. Still, stay rught here with Chepicap for all updates!

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