According to block explorer, OmniExplorer, Tether (USDT) issued brand new tokens to a value of $50 million on August 11th. This is the latest release since its $300 million release back in March.
Significant Loss Over the Last 30 Days
CoinMarketCap notes that Tether has dropped in market capitalization over the past 30 days. The loss is projected to be around $300 million.
Tether still occupies second place in terms of trading volumes, with $4.2 billion in trades daily – 28.16% of all crypto trades. Bitcoin, on the other hand, has an average 24-hour trading volume of $5.7, or 38.62% of all crypto trades.
Suspicions of Price Manipulation
Tether is not new to controversy, especially with regards to how it conducts its business. On June 13th, the latest furore related to accusations of Bitcoin Price manipulation back in 2017. Based on research, the trend of transactions from Tether reveals a pattern that was meant to provide price support that would in turn manipulate the price of cryptocurrencies. By the end of June, there were reports that a law firm working with Tether had given unofficial confirmation of legitimate dollar backing.
What do you think about the move by Tether to issue a net batch of USDT tokens? How will this impact the current market prices? Let us know your views on the comments section below.