I think this is going to continue to be interesting to watch.
It seems likely that the tether company is a fraud, given the size of their January print runs. It seems likely that not only has tether been used by its owners as a way to prop up crypto-currency prices, but to acquire bitcoin and other coins under false pretences.
There's no proof either way, but the lack of audit is very, very fishy.
Further, I watched the USDT/USD market on kraken on Friday.All morning there was downward pressure, buy-walls of millions of dollars were eaten into and destroyed over the course of a few hours, until there was no bid volume at all down to about 90 cents.
All of a sudden, in the course of about two minutes, a rapid cascade of very small trades (a few tens to a few hundreds of dollars) propelled it back to ~98.5 cents. It looked really dodgy.
>All of a sudden, in the course of about two minutes, a rapid cascade of very small trades (a few tens to a few hundreds of dollars) propelled it back to ~98.5 cents. It looked really dodgy.
What's dodgy about that? I think everyone here would love to buy a virtual dollar for 90 cents. Especially given the behavior of the market the past month.
If you're not seeing it then I'm not going to argue with you, neither of us has the data to prove any of what might be going on.
However multiple trades of very similar amounts in under a second, after a long, massive slide in much larger amounts in the morning, looks very dodgy to me. Especially when these trades appear at the last possible moment, when all market resistance to freefall has just disappeared.
It seems likely that the tether company is a fraud, given the size of their January print runs. It seems likely that not only has tether been used by its owners as a way to prop up crypto-currency prices, but to acquire bitcoin and other coins under false pretences.
There's no proof either way, but the lack of audit is very, very fishy.
Further, I watched the USDT/USD market on kraken on Friday.All morning there was downward pressure, buy-walls of millions of dollars were eaten into and destroyed over the course of a few hours, until there was no bid volume at all down to about 90 cents.
All of a sudden, in the course of about two minutes, a rapid cascade of very small trades (a few tens to a few hundreds of dollars) propelled it back to ~98.5 cents. It looked really dodgy.