Bitcoin (BTC) approaches $7000, thanks to Tether (USDT) intervention
Bitcoin (BTC) is almost approaching $7000 and it is possibly due to Tether intervention. It is speculated that the Tether treasury intervened by injecting $50 million worth of tokens and on August 27, the Tether treasury wallet created its first transaction. The effect on the coin performance was almost immediate, taking Bitcoin (BTC) above $6,900.
According to Cryptovest report, previous such interventions by USDT also have led to fast movements in price. Currently, BTC is trading at $6,932, having risen by more than three percent in the last 24 hours. After the latest intervention, the Bitcoin dominance is quite high – 53% of total market capitalization — USDT accounts for over 22% of all trading volumes.
The spike came after days of being steady at around $6,400 and $6,700. The sudden jump took place at 12 am UTC. In just 30-35 minutes, BTC rose from $6,766 to above $6,900. At press time, BTC was trading at $6,935 having risen by more than three percent in the last 24 hours. It is currently at its highest price since August 7.
Not just BTC, the rest of the coins also appears to be performing well. Ethereum (ETH) and Ripple’s XRP have also significantly soared, with IOTA (MIOTA) being the best performing one among the top-ten coin, which rose over 17 percent in the last 24 hours.
The sudden jump comes just days after Tom Lee predicted that BTC could end the year with a new all-time-high. While speaking to CNBC, Lee explained the relation between hedge fund investment, emerging markets, and the price of BTC. He said, “Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.” In fact, Tom Lee has been pretty optimistic about Bitcoin from the beginning of the year. He predicted that Bitcoin (BTC) would end 2018 at around $25,000.
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