What the hell is going on with Tether? Coin Market Cap shows that early on Sunday morning (UTC) Tethers market cap jumped by 600 million US$ taking it to a total of more than 2.2 Billion US$.

^Source

What's even more interesting is that the address Tether is issued from shows no signs of an additional 600 millions Tethers having been issued. The last lot of Tethers to be issued from this address was on 01/23/2018.

^Source

This could be a coincidence but shortly after the 100,000,000 Tethers were issued the price of BTC stated to rise.

Although the amount of additional Tethers don't appear on the issuing address, they do appear on their transparency report.

^Source

USD/USDT pairing is only available on 3 exchanges with Bitfinex being the biggest handling around 64 million dollars worth of transactions a day. This still doesn't account for the 600 million dollars worth of Tether that has appeared out of thin air.

The Tether wallet is supposed to be the official place where you can buy Tether from, but this hasn't been working for months, so it's unlikely 600 million Tether entered the system overnight this way.

Finally, looking at the overall price of Tether in US$ we see that as soon as the additional 600 million dollars worth of Tether entered the system the market price of Tether hit an all time low.

To be honest, I'm not to sure what is going on with Tether right now, but it does look as if it's becoming more and more fragile. In my last post I compared the amount of Tether being issued with the price of Bitcoin, and speculated as to whether or not it was being used to artificially pump the market up. Lets hope this doesn't have to much of a negative effect on the rest of the markets in the near future.

---

FORTIFIED

Steemit | Gab | Twitter

THANK YOU FOR READING

^{- If You Would Like To Help Me Make More Great Original Content Please Consider Upvoting and Re-Steeming -}