Tether Distributes $50 Million in New Coins
Tether, creator of the USDT, a stable cryptocurrency directly linked to the USD, has just introduced an additional 50M tokens into circulation on the 11th of August as per data revealed by OmniExplorer. As of now, the new release coincides with a time when a majority of digital currencies are holding themselves at stable levels after severe drops this year. In regards to the transfer of coins, the address of the digital wallet was revealed to be that of Bitfinex.
Hand in Hand
Both companies are collaborating together under one form of management. John Griffin, a professor of economics, as well as many other experts, have said that USDT liquidity at vital periods of time has been known to be a manipulative process in terms of cryptocurrency value. This specific factor has been one of the many scandalous topics regarding USDT as many have criticized the coin and company, accusing it of insufficient funding to support all the coins the company is and has created.
This also increases the entire supply of USDT over three million although not nearly as impressive as similar situations last year. The company’s market cap has dwindled heavily since the end of last month and the new release of 50 million coins may be a method of providing some equilibrium.
Perhaps the most interesting point is that the tokens trading volume is seeing consistent climbs, exceeding 4.7B on the 13th of August unlike the two to three billion last week. Additionally, crypto-markets are receiving support around the same time Tether decided to release the coins. The total market cap of all cryptocurrencies is around $217B with the psychological level on the market exceeding the 200 mark. Bitcoin has remained over the $6K mark, a vital level for the mother coin on the market.