Cryptocurrencies
Bitcoin Gains Correlate With Tether Issuance, Researcher Says
- TokenAnalyst finds prices rise as much as 70% of the time
- Correlation depends on which blockchain the tokens are minted
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It’s becoming a little clearer just how much the stablecoin Tether contributed to the rally that saw Bitcoin more than double in value this year.
On days that new Tether tokens are issued, Bitcoin increases in price as much as 70% of the time, researcher TokenAnalyst calculated. Since about $2 billion of Tether was issued this year, it was likely a significant factor.