Hard Forking News and Tutorials about Bitcoin & Cryptocurrencies
  • Home
  • Beginners
  • Reviews
    BitMEX Review

    BitMEX Review

    CoolWallet S Review

    CoolWallet Review

    Trezor Wallet Review

    Trezor Wallet Review

    Ledger Wallet Review

    Ledger Nano S Wallet Review

    Huobi Review 2018

    Huobi Review

    Changelly Crypto Exchange Review

    Changelly – Exchange Review

    Coinbase Review

    Coinbase Review

    BitPanda Review

    eToro Review

    eToro Review

    SimpleFX - Crypto Trading

    SimpleFX Review

    Binance Cryptocurrency Trading Exchange

    Binance Review

    CEX.io Review

    CEX.io Review

  • Get a Wallet
  • Crypto Culture
    Crypto Art – The investment you need to know about

    Crypto Art – The investment you need to know about

    The Truth About Crypto

    The Truth about Crypto

    Bitcoin Music Videos 2019

    Music Videos of Bitcoin – The Good the Bad & the WTF

    Crypto Art

    The Art of Crypto

    The Carnivore Diet

    The Carnivore Diet

    Your introduction to Bitcoin

    Crypto Culture

    Hardforking TV Production Studio

    What has the Hardforking Team been up to?

    Hodler or Hater, Hardforking in Bangkok

    Hodler or Hater, Hardforking in Bangkok

    Altcoins, Love em or Hate em – Johnny Knows em

    Altcoins, Love em or Hate em – Johnny Knows em

  • About Us
  • Buy Bitcoin
  • Bitcoin Price Chart
  • Resources
No Result
View All Result
  • Home
  • Beginners
  • Reviews
    BitMEX Review

    BitMEX Review

    CoolWallet S Review

    CoolWallet Review

    Trezor Wallet Review

    Trezor Wallet Review

    Ledger Wallet Review

    Ledger Nano S Wallet Review

    Huobi Review 2018

    Huobi Review

    Changelly Crypto Exchange Review

    Changelly – Exchange Review

    Coinbase Review

    Coinbase Review

    BitPanda Review

    eToro Review

    eToro Review

    SimpleFX - Crypto Trading

    SimpleFX Review

    Binance Cryptocurrency Trading Exchange

    Binance Review

    CEX.io Review

    CEX.io Review

  • Get a Wallet
  • Crypto Culture
    Crypto Art – The investment you need to know about

    Crypto Art – The investment you need to know about

    The Truth About Crypto

    The Truth about Crypto

    Bitcoin Music Videos 2019

    Music Videos of Bitcoin – The Good the Bad & the WTF

    Crypto Art

    The Art of Crypto

    The Carnivore Diet

    The Carnivore Diet

    Your introduction to Bitcoin

    Crypto Culture

    Hardforking TV Production Studio

    What has the Hardforking Team been up to?

    Hodler or Hater, Hardforking in Bangkok

    Hodler or Hater, Hardforking in Bangkok

    Altcoins, Love em or Hate em – Johnny Knows em

    Altcoins, Love em or Hate em – Johnny Knows em

  • About Us
  • Buy Bitcoin
  • Bitcoin Price Chart
  • Resources
No Result
View All Result
Hard Forking News and Tutorials about Bitcoin & Cryptocurrencies
No Result
View All Result
Home Commentary

Tether Crash? Bitcoin Crash?

Sean by Sean
in Commentary
1 0
0
Tether Crash
Share on FacebookShare on Twitter

Will Tether cause Bitcoin to crash?

It is worryingly quiet across news outlets and this really surprises me. October 15th felt like 2017 all over again, watching Bitcoin surge 1000 dollars in under an hour, throw in some news about Tether failing, some exchanges suspending deposits and withdrawals and I had to make another cup of coffee to make sure I was awake and not dreaming, or had gone back in time a year.

Any significant swing in the price of tether should come as a surprise to investors as the token is meant to have a static exchange rate of 1 tether token to $1.

Tether Crash - Chart 15 October 2018

It was around this time last year that I really had a look around for some quality information on Crypto and specifically what could derail Bitcoin. It seemed too good to be true as the price marched up and some reliable facts seemed needed.  A tether collapse was seen by many as the biggest threat to Bitcoin getting stomped on. Why is it then that media a year later are reporting the big pump of Bitcoin and most Cryptocurrencies on October 15th 2018 as nothing of great concern? Tether is acknowledged as the catalyst but it is almost brushed aside as a concern.

Charles Bovaid writing for Forbes leads with

Bitcoin Breaks Out Of Its Malaise Following Tether Panic

https://www.forbes.com/sites/cbovaird/2018/10/15/bitcoin-breaks-out-of-its-malaise-following-tether-panic/#61352ab8293d

No real concern in this article, in many respects it suggests the panic is a good thing saying;

‘Bitcoin prices rallied today, approaching $7,000 and reaching their highest in a month after markets responded to concerns about tether.’

For me a rally is a positive thing but I would think moving from Tether to Bitcoin is straight out panic, and if you’re panicking about a stable coin that is said to be used in  26% (5.85 bn $ of total volume 22.22 bn $ coinmarketcap.com) total volume of time of writing of the article. you might just be moving to from USDT to BTC to get the hell of the exchange altogether. The above article is typical of much of the reporting around the October 15th spike.

Has Bitcoin and Crypto matured to a point where a Tether collapse is not the end for us all?

Tether accounts for 26 % of all trades  

We also have True USD$72,464,743 = 0.333033303330333 % , USDC (Circle)$10,816,553 = 0.04860486048604861 %, GUSD (Gemini)$1,151,035 = 0.006795679567956797 %, PAX (Paxos)$24,823,210 = 0.11161116111611162 % and more coming. Each will have a different risk coefficient but tether is still the leader with 26%  total marketcap % is total volume of marketcap traded the last 24 hours (data from coinmarketcap.com)

So was this a move to get out of Bitcoin and into fiat? If Tether is failing I would expect a stampede. But if it is failing, what hard facts do we have? Not many! Tether has not been audited and has not shown any proof of funds yet, and with more serious players coming into the market the concern remains. Many traders see BTC as safer than USDT.

CNBC quotes Charles Hayter, the chief executive of comparison site CryptoCompare as saying There is concern about tether and whether it is truly backed by dollars and rumours about USDT (tether) being delisted from various exchanges. The concerns over tether not being fully backed 1 to 1 by USD held in bank accounts have been around for what seems like forever now and with no fresh news like a new SEC investigation or arrests then I have to disregard that as the catalyst. This then brings us to the delisting rumours. What do you know there? The rumours that Tether would be delisted from Binance turned out to be fake news, Binance is the largest exchange by volume and could also have sparked the sell-off.

Other theories could be that this was a stress test before an ETF announcement or some manipulation maybe. One thing is for sure is that if Tether is fully backed then the issuers will be very happy as they get a great deal on sales of an overpriced Bitcoin with the price going to 7,400 on Bitfinix at one point.

Me, I just think people wanted to ruin Tone Vays first public trade, a short of Bitcoin hahhahaha

Tags: bitcoinBitcoin CrashCrashTetherTether Crash
Sean

Sean

My passions are Bitcoin, good Crypto-projects and media creation. I live and breathe this fascinating industry. Its my mission to bring you entertaining, informative, thought provoking content. I believe in Bitcoin. I believe many Crypto projects are just marketing hype. I strongly believe we need to find the facts, the good people and projects. Lets do that together.

Related Posts

Crypto Project Reviews and Trading Bitcoin and ALTS
Commentary

Crypto Project Reviews and Trading Bitcoin and ALTS

September 25, 2020
Project reviews and trading competition. Which Cryptos are good investments?
Commentary

Project reviews and trading competition. Which Cryptos are good investments?

September 16, 2020
Who hacked Twitter?
Commentary

Who hacked Twitter?

July 19, 2020
BitMex Leverage Trading

Trending on Hardforking

  • Tradingview Review for Technical Analysis

    Tradingview Review for Technical Analysis

    0 shares
    Share 0 Tweet 0
  • Bitcoin and Cryptocurrency Content Creators – Come Join Us

    28 shares
    Share 28 Tweet 0
  • Reviews of Blockchain Projects and trading cryptos

    0 shares
    Share 0 Tweet 0
  • Meet the Bitcoin Family

    1 shares
    Share 0 Tweet 0
  • Crypto Art – The investment you need to know about

    0 shares
    Share 0 Tweet 0

Buy Bitcoin From One of the Top 4 Currency Exchanges, Trusted and Used by Millions of People Worldwide!
Buy Bitcoins with a Credit Card

Sign up for our Newsletter

Meet the Forkers

We are a Global team of analysts, miners, traders, consultants, and content creators. Our mission is to help grow the adoption of Bitcoin, Blockchain and good Cryptocurrency projects.

A Hard Fork creates new coins and we want to create a new and better understanding of this fast-paced industry. If you’re here to learn how to buy your first Bitcoin, to debate technical subjects or want to help others learn more, there is a place for you. Come and join us! Be part of something that will change the way we all live. Let’s do this!

Participate

  • Buy Bitcoin
  • We are Hiring

Other Services

  • Privacy Policy
  • Terms of Service
  • Contact Us

Categories

  • Help for Beginners
  • Crypto Guides
  • Analysis
  • Commentary
  • Mining
  • Wallets

Resources

  • The Best Bitcoin Exchanges 2018
  • Top 10 Crypto Live Updates
  • Step by Step Guide to Coinmama
  • Technical Analysis
  • Crypto Tweets of the Day
  • Play Poker with Cryptocurrencies
  • Press Releases
  • Other Resources

Follow us on TwitterConnect on LinkedInGive us a like on FacebookSubscribe to our YouTube Channel

© 2019 Hardforking.com

  • About Us
  • Privacy Policy
  • Come Join Us
No Result
View All Result
  • Home
  • Beginners
  • Reviews
  • Get a Wallet
  • Crypto Culture
  • About Us
  • Buy Bitcoin
  • Bitcoin Price Chart
  • Resources

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In