On January 6, the market capitalization of the Tether stablecoin (USDT) on CoinMarketCap unexpectedly increased by $ 500 million – from $ 4.14 billion to $ 4.65 billion. Prior to this, the indicator did not show any serious changes since August 2019.
As it turned out, the jump was not associated with additional issue of the coin – other resources, such as CoinGecko, did not record a change in the level of capitalization – and was due to an update to the CoinMarketCap metrics. Previously, the resource did not take into account Tether, released on the TRON blockchain.
Nevertheless, trading bots probably perceived this jump as a signal to buy bitcoin, and the price of the first cryptocurrency increased from $ 7600 to $ 8000.
CoinMarketCap has not yet commented on this situation.
In October last year, researchers said that in 2019, the price of bitcoin showed an increase on the day of issuing USDT tokens. in 70% of cases. Later, other experts indicated that if Tether influenced the price of bitcoin, then only downward.
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