TokenAnalyst researchers found that in 2019, the price of bitcoin showed an increase in the day of issuing USDT tokens on the Ethereum blockchain in 70% of cases.
Over the course of 2019, there has been a net total of $ 1.5B worth of Tether minted on both Omni (USDT Omni) and on Ethereum (USDT ERC2O).
We took a look at the relationship between $ BTC price and $ USDT supply over the course of history.
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– TokenAnalyst (@thetokenanalyst) October 3, 2019
During the year, Tether issued $ 1.5 billion tokens in the Omni (Bitcoin) and Ethereum blockchains.
At the same time, in 19 out of 27 cases (70%) of the USDT issue of the ERC-20 standard, the price of bitcoin grew. In the case of Omni – in 12 out of 24 (50%).
Some key takeaways
– On days where #USDT ERC20 is minted, 70.0% of the time the price of BTC moves up (19/27 days). ⬆️
– Likewise, on days where #USDT Omni is minted, 50.0% of the time the price of BTC moves up (12/24 days). ⬆️
– TokenAnalyst (@thetokenanalyst) October 3, 2019
Analysts found that the larger the emission at Omni, the more likely Bitcoin will drop (the correlation between the number of tokens and the price movement was -1.6%). The situation is different with Ethereum tokens (the correlation was 15.8%).
TokenAnalyst Data
TokenAnalyst co-founder Sid Shehar said in a comment to Bloomberg that bitcoin traders can track changes in Tether emissions for decision making.
Recall that the possible manipulation of the Bitcoin exchange rate using the Tether emission during the 2017 rally was the subject of an investigation by the US Department of Justice and one of the most popular conspiracy theories in the industry.
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