- More than 70% of all BTC Trades are linked with Tether
- Chinese Accounts Traded over $10 billion USDTs
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With the various controversies and allegations about Tether, one more news that is spread in the market that China is fueling the USDT volume in the market. Some reports say China exchange is facilitating 60% of all USDT trading worldwide.
There is an ongoing trade conflict between China and the U.S. that intensifies as an obligation of added tariffs and the retribution between these two never settles. Although one cannot ignore the china’s interest in bitcoin and crypto market, the increased interest in Bitcoin and the fallout of trade talks can be coincidental. But it will be interesting to take a look.
According to a report on Diar, in the second quarter of 2019, on chain transactions on Tether blockchain protocol, have spiked in China. With Bitcoin prices rising surprisingly in this quarter, it is said to be supplemented by a clear rise in volume. Whereas China exchange activities indicate a significant increase in demand.
USDT/USD 1 Month Price Chart By TradingView
Tether coin price today on June 14, 2019 at UTC 16:04:10 is $1.00098187 with 24h trading volume of 18,222,812,183 USD. Price is down by 0.21% in the last 24 hours. Currency has a circulating supply of 3,422,493,433 billion coins. At the moment, the return on investments expected is 0.35%. With the market cap of USD 3,434,379,631.
Currency is currently on Bull Run; hence, this is a good time to buy the coin.
Tether Price Prediction:
As per the reports, U.S. traded $450 million of Tether in the year 2019, and at the same time, Chinese accounts traded over $10 billion USDTs.
On chain data shows Tether movements hitting an all-time high for 2Q 2019 with one month left on the calendar for the period. What is most striking, however, is the volume coming in and out of Chinese exchanges dwarfs western and global trading venues and account for more than half of the total transaction value of known parties.Diar Report
What is interesting to know is that more than 70% of all BTC trades are linked with Tether. This dependency on liquidity source is something that is making investors skeptic. Currently, nearly 3.6 billion USDT are in the market. This extra liquidity says to boost the prices in Asian exchanges.
Conclusion:
It will be too soon to say that China is the only main reason behind the recent drive of the crypto market. But yes, it can be said that China is one of the key factors behind it.
Make sure you get all your facts right before investing money in crypto.
