According to Twitter user Andrew Rennhack, Bitcoin’s bull run of 2019 was inflamed by no none other than Tether (USDT). Rennhack claimed that the major price increase of the first cryptocurrency was provoked by Tether printing an excessive amount of coins.
He added that the crypto market is not a strong one and fully relies on Tether that has the largest daily trading volume among cryptocurrencies. The tweet also read that the amount of coins that Tether created would make the Federal Reserve blush. Rennhack believes that the price gains of the Bitcoin do not have any real explanations and are strictly correlated to Tether.
However, this Twitter user is not the first one to express this opinion. The founder of Ethfinex, Will Harborne, stated that the large number of new USDT coins in related to new wealthy clients for the company. USDT also assists big players in liquid exchanges that do not have crypto to fiat trading pairs.
Yet, many disagreed with the following claims. One Twitter user in response to Rennhack wrote that the claim that Bitcoin’s price movements were based on Tether was not factually based.
JP Morgan also came out with a study supporting Rennhack and many crypto users now believe that Tether is using market manipulation to influence Bitcoin.