The injection follows Tether's creation of 300 million USDT at the end of March.
Tether has created another $50 million worth of tokens, according to OmniExplorer, which is the official record of Tether transactions.
Stable in its controversy
Tether (USDT) is what is known as a 'Stablecoin', meaning that it purports to be pegged to the value of a fiat currency, in this case, the US dollar. According to coinmarketcap.com, one USDT is worth $1.01. There are currently 2.41 billion tokens in circulation, with a total market value of $2.43 billion.
The coins were released on the 11th of August. Looking at the charts, the price of Bitcoin jumped by $300 soon after the release:
The jump coincided with a sudden, brief drop of $50 million in Tether's market capitalisation. The injection follows Tether's creation of 300 million USDT at the end of March, after which the price of Bitcoin rose also.
A study by two Texas-based economists published in June 2018 claimed that the price of Bitcoin was being manipulated with Tether. They argued that periods of high activity by Tether coincides with jumps in the price of Bitcoin and that this activity tends to occur at times when the price of Bitcoin is down.
In response, Tether CEO JL van der Velde told Bloomberg: βBitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.β
Stable in its controversy
Another interesting thing is that cryptocurrency exchange Bitfinex has lost approximately 34 percent of its trading volume over the last 24 hours. This is notable because Tether and Bitfinex are closely linked; the former is the creation of two executives of the latter, and USDT make their way into the world mainly via that exchange.
Tether is a controversial project for a number of reasons, the main one being that it has not submitted to a proper audit, despite claiming to hold what must be almost $2.5 billion.
Bloomberg reported in June 2018 that Tether's lawyer claimed that his firm had received access to two of Tether's bank accounts for two weeks and could confirm that it held enough US dollars to cover its tokens. This was not an accounting firm, however, and the bank account details were not revealed.
He added that "an audit cannot be obtained" because accounting firms would not take on cryptocurrency clients.
If that wasn't enough, Polish media sources reported in April that Bitfinex had apparently opened a bank account in Poland which was being used to launder money for cocaine smugglers, although the exchange denied the charges made by Polish Prosecutor General Zbigniew Ziobro and nothing was definitively proved. It had opened the accounts in that country in November 2017 in order to gain access to the EU market and offer euro trading.
Tether has created another $50 million worth of tokens, according to OmniExplorer, which is the official record of Tether transactions.
Stable in its controversy
Tether (USDT) is what is known as a 'Stablecoin', meaning that it purports to be pegged to the value of a fiat currency, in this case, the US dollar. According to coinmarketcap.com, one USDT is worth $1.01. There are currently 2.41 billion tokens in circulation, with a total market value of $2.43 billion.
The coins were released on the 11th of August. Looking at the charts, the price of Bitcoin jumped by $300 soon after the release:
The jump coincided with a sudden, brief drop of $50 million in Tether's market capitalisation. The injection follows Tether's creation of 300 million USDT at the end of March, after which the price of Bitcoin rose also.
A study by two Texas-based economists published in June 2018 claimed that the price of Bitcoin was being manipulated with Tether. They argued that periods of high activity by Tether coincides with jumps in the price of Bitcoin and that this activity tends to occur at times when the price of Bitcoin is down.
In response, Tether CEO JL van der Velde told Bloomberg: βBitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.β
Stable in its controversy
Another interesting thing is that cryptocurrency exchange Bitfinex has lost approximately 34 percent of its trading volume over the last 24 hours. This is notable because Tether and Bitfinex are closely linked; the former is the creation of two executives of the latter, and USDT make their way into the world mainly via that exchange.
Tether is a controversial project for a number of reasons, the main one being that it has not submitted to a proper audit, despite claiming to hold what must be almost $2.5 billion.
Bloomberg reported in June 2018 that Tether's lawyer claimed that his firm had received access to two of Tether's bank accounts for two weeks and could confirm that it held enough US dollars to cover its tokens. This was not an accounting firm, however, and the bank account details were not revealed.
He added that "an audit cannot be obtained" because accounting firms would not take on cryptocurrency clients.
If that wasn't enough, Polish media sources reported in April that Bitfinex had apparently opened a bank account in Poland which was being used to launder money for cocaine smugglers, although the exchange denied the charges made by Polish Prosecutor General Zbigniew Ziobro and nothing was definitively proved. It had opened the accounts in that country in November 2017 in order to gain access to the EU market and offer euro trading.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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