Right now we are experiencing extreme market manipulation. Bitcoin is going sideways from 7,900$ - 9200$. More than 65% of the cryptocurrency traders entered the space in the last 2 months and guess what, they're all shitting bricks. Bitcoin fell from an All Time High of 20,000$ all the way down to 7,800$. I only expected the correction to be all the way to 11,000$, but I was wrong. There is something many people have noticed wrong about the cryptocurrency USDT, which is know as USD Tether. Tether is pegged to the USD, 1:1, and there seems to be a correlation between the amount of Tether issued and movements of Bitcoin's price.
Here is a graph that I have found on Reddit:
We can clearly see that: (a) The more Tether that is issued and added to circulation, the more Bitcoin has rallied. (b) More Tether is issued when Bitcoin goes through correction.
A subpoena had been issued on Tether dated 12/06/2017. At that time, the Market Capitalization for Tether was 600m USD. With the combination of market manipulation of Bitcoin Futures and issuance of Tether, we see irregular movements of Bitcoin's price. The government doesn't like Tether due to the fact that they state that they have a reserve HOLDING OVER 2 BILLION USD. It's a large lump of cash.
In the long run, I believe cryptocurrency is the future of money. It seems that right now, Tether is being used to push Bitcoin's price down to as low as possible for institutions to enter. Let's think for a minute, why the fuck do we need Tether? The truth is.. we don't. If Tether is found to be a scam, cryptocurrency will be in trouble temporarily because many exchanges do not use the USD pair for trading, instead they use USDT and that is the #1 concern. More than 2/3 of Tether has been issued after the subpoena!! There was more than 500m USD of Tether issued in the middle of January. My hypothesis is that this "Tether" is being used to push Bitcoin down as low as possible and media is paid to cause unnecessary fear to facilitate their goals.
Another thing I'd like to point out is Bitcoin's price was higher than it's actual "value". To mine 1 BTC, 5000 USD worth of electricity is required. The best time to buy Bitcoin is now, it won't stay sub-10k long term. Do your own research and invest safely. Buy when others are fearful and sell when others are greedy.
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I think all the crypto enthusiasts should organize and move away from exchanges offering USDT pairing.
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USD Pair will be implemented soon.
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