Seriously - Bitcoin is more than 8% up today and about 50% up compared to 3 weeks ago. It's almost back to the all-time high from April. How does anyone explain any of this?
Bitcoin's price "in USD" makes more sense as a price "in USDT". It's completely unsurprising that Bitcoin went up relative to USDT after this news.
The big question is when the peg of 1 USDT ~= 1 USD (or USDC) is going to break. Tether is going to do everything they can to maintain that peg as long as possible.
> The big question is when the peg of 1 USDT ~= 1 USD (or USDC) is going to break. Tether is going to do everything they can to maintain that peg as long as possible.
Yuup. Assuming USDT is a fraud, Tether likely makes very good money off of it, and is hence HEAVILY incentivized to keep it running as long as possible. I'd be very curious to hear theories as to what might cause it to collapse.
But those companies would only complain if Tether stopped redemptions, which presumably would only occur if they ran out of cash. You'd need some other outside impetus to trigger it all.
Thats not really how it works - every transaction must have a buyer and a seller. When prices go up, buyers are simply willing to go deeper into the order book to get their orders filled.
I could tell you, but because this information could reduce my purchasing power, I’m choosing to keep quiet.
I’m not willing to share the short/medium term philosophy, catalysts, and predictable patterns. But I’ll reshare the long term philosophy since I’ve already written about it 4 months ago:
