Tether’s Intervention Lifts Bitcoin (BTC) to $6,800

The Tether treasury is the tool used recently to boost prices in a market still exhibiting weakness.

TheTethertreasury intervened in the markets with an injection of $50 million worth of tokens, very soon after thatretiringthe equivalent of $30 million tokens. On August 27, the Tether treasury wallet created the firsttransaction.

The intervention had an almost immediate effect on the performance of many coins. In the case of Bitcoin (BTC), this tranche coincided with a greater price strength, taking the leading coin above $6,800.

https://twitter.com/KKKTHXBYE/status/1034081481470169089

BTC saw a dramatic price move shortly after the intervention, jumping from the $6,700 range to $6,903.07 as of 12:00 UTC. For a while, BTC went as high as $6,926 but then slid to $6,908.17 as of 6:00 UTC.

Previous USDT interventions have led to a similar pattern of fast price movements. After the latest one, the dominance of Bitcoin remains relatively high at 53% of total market capitalization, while USDT accounts for more than 22% of all trading volumes.

In the past weeks, the interventions still had a relatively slow effect. Previously, USDT liquidity prompted outside investors to pour in real cash. This time, it took weeks to bring BTC back near the $7,000 level, and the price increase has not led to renewed enthusiasm.

Some have seen indications of the USDT tokens being used by bots:

https://twitter.com/soleil_dusoir9/status/1033796025255903232