Has everyone heard a showdown around USDT? At the moment, Binance is buying bitcoin for tether to secure its funds. Have you seen how the amount of USDT decreases on Binance? How to see the volume of tether on the exchanges answer below?
You might be right to some extent, the world have now discovered that tether has been a scam all this while, I knew this from the beginning of their launch and I have never liked the coin for one day, though I can say that it has given me a lot of profit because I trade between tether and normal coin anytime we have a bearish market and I have always been making profit since tether is a stable coin and doesn't decrease in price since it was $1. 
Topic: I know why Bitcoin is growing now! (Read 385 times)
I know why Bitcoin is growing now!
Price of bitcoin increases because it was to low. In December last year at $3200 Bitcoin was same as in February 2015 at $170. Price will go to over $100000 in upcoming years.
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Not enough reason for bitcoin to pump, it can be but too low for the probability. I guess, its time for the up now and the bull is really here so there’s no specific reason of pump its more on the demand now. The market is getting better without having any top good news, its a trend i think.
Although, the bitcoin market have been showing some tremendous strength in resisting to dump in price while it gain some slightly increase in price but the OP statement is enough to support the current pump in price which the market experienced now for we both know that news easily spread in crypto community and Binance also made statement which make me believed in the OP saying.
Not enough reason for bitcoin to pump, it can be but too low for the probability. I guess, its time for the up now and the bull is really here so there’s no specific reason of pump its more on the demand now. The market is getting better without having any top good news, its a trend i think.
I dont know if this is real but it could be one good reason.
They are dumping Tether and buying bitcoin.
Hmm. Now what? Bitcoin is more secured and that is why they are using it as an escape pod.
From the start up until now, I hated that freaking coin USDT. It is made to explode and now here it is. Never used it and never even think about using it.
I am not the hype type where I will go with the flow of idiots. Now here they go, time to run.
They are dumping Tether and buying bitcoin.
Hmm. Now what? Bitcoin is more secured and that is why they are using it as an escape pod.
From the start up until now, I hated that freaking coin USDT. It is made to explode and now here it is. Never used it and never even think about using it.
I am not the hype type where I will go with the flow of idiots. Now here they go, time to run.
Users also don't lose any money in this particular exchange hack, so the market's response wasn't as bad as it could've been if peoples' accounts took a haircut as a result of the hacking, though the losses aren't too big for an exchange like Binance. It's also currently not easily possible for anybody to trade in USDT for actual USD AFAIK, so the Finex situation actually meant there was a bit more buying pressure as a result of people buying BTC on Finex and other exchanges to exit Tether.
Exchange hacks seem to have less and less effects these days on the price of Bitcoin. When MtGox was insolvent a few years back the markets crashed and same happened with that Bitfinex hack back in 2016.
i think it partly depends on the magnitude of the hack.
at 2014 valuations and exchange market share, the mt gox collapse was massive. so was the 2016 bitfinex hack. post-2017 bubble valuations, the 2019 binance hack pales in comparison. binance can cover this hot wallet hack in less than 2 months based on its current revenues.
more importantly is the current sentiment of the market. i take the market's swift recovery from this event as a sign that the market is still in a bullish phase and will probably do another leg up.
Your statement is kind of ironic if you consider the fact that people expected the recent news on tether to negatively affect the price of bitcoin. But instead the price fell a little bit and shoot up again.
I don't see any connection of why Bitcoin would drop just because of the recent news of Tether. Bitcoin price may go down a bit because it's just normal in the market since a lot of people are trading now. Especially that they have seen the bull run is already started and we just have to wait for the halving to finally shoot the price to the moon. 
Your statement is kind of ironic if you consider the fact that people expected the recent news on tether to negatively affect the price of bitcoin. But instead the price fell a little bit and shoot up again.
I think one reason for this is that we have more exchanges these days and most people hold their coins on a hardware wallet or in some form of cold storage.
Maybe people are getting used to seeing exchanges getting hacked on a monthly basis that it's no longer a reason to panic and dump their coins 
(and why would they, though? you got coins in an exchange? just move them to your own wallet) I mean, nowadays, it doesn't seem like the price it's going to crash to oblivion like it did back in the day after an exchange gets hacked, we'll see a small dip, but after a few days, it's all back to normal.
Exchange hacks seem to have less and less effects these days on the price of Bitcoin. When MtGox was insolvent a few years back the markets crashed and same happened with that Bitfinex hack back in 2016.
This month we had issues with Bitfinex and Binance and the market dipped and recovered. Same with the Cryptopia and Quadrida issues we had at the beginning of the year. These bad events didn't drag prices down as we might of assumed.
I think one reason for this is that we have more exchanges these days and most people hold their coins on a hardware wallet or in some form of cold storage.
This month we had issues with Bitfinex and Binance and the market dipped and recovered. Same with the Cryptopia and Quadrida issues we had at the beginning of the year. These bad events didn't drag prices down as we might of assumed.
I think one reason for this is that we have more exchanges these days and most people hold their coins on a hardware wallet or in some form of cold storage.
why would Binance who doesn't control USDT and also has its own token called BNB (Binanc coin) buy bitcoin with USDT which they have to pay to buy themselves elsewhere just to "secure its funds"?
not to mention they got hacked recently and it is all over. and as you can see bitcoin price is still on the rise as it has been for the past couple of months.
not to mention they got hacked recently and it is all over. and as you can see bitcoin price is still on the rise as it has been for the past couple of months.
I really think the Technical Analysis of the price has already hit the bottom and we are heading in a big surprise anything may happen when we are at the beginning of Bull Run, And the infrastructure that had built over that bear market and through the years that is why we have plenty of cryptocurrencies exchange now, Great idea that is implemented right now that is the bitcoin protocol, There are many reasons we can see and tell on what is happening right now with the price.
Instead of being headache figuring out why bitcoin increases/decreases, why not enjoy the show, mate? Trade and accumulate your bitcoin.
the op did already figured out on what is the cause of the increase but alot of users just cant agree with him . even myself i cant also agree with the op becuase i heard that it was bitfenex that owns usdt and not binance but your right meyt , instead of debating about the price hike , why cant we just enjoy it ? the price hike was a blessing and not a curse but people arent still contented with it .
Has everyone heard a showdown around USDT? At the moment, Binance is buying bitcoin for tether to secure its funds. Have you seen how the amount of USDT decreases on Binance? How to see the volume of tether on the exchanges answer below?
I guess you need to research more. Binance has nothing to do with Tether whatsoever. No one cares about Tether though, what causes the price to grow is that there is more demand, simply as that. And there's a lot of good news like this, Fidelity Could Ignite the Next Bitcoin Rally.
Right, that Fidelity news could have spark something in the last 24 hours or so. But it will take weeks before they can finalised though. Anyways, speaking of Binance, they've confirmed that a hacked occurred. So far we haven't seen the effects because the price is still above $5800. But as far as the OP's questions. Binance and Tether doesn't go along, lol.
Like others, I don't think that it is all about with what you are assuming OP.
Latest news is all about Fidelity offering crypto trading within few weeks so that's really the possible reason why the market is taking its lift at these times. And as per assumptions, it's most likely that we're starting to get out of bear season.
Latest news is all about Fidelity offering crypto trading within few weeks so that's really the possible reason why the market is taking its lift at these times. And as per assumptions, it's most likely that we're starting to get out of bear season.
But this does not matter much because there are already many alternatives to tether
It's quite amazing how rapidly the volumes have picked up of the alternatives the moment Tether once again messed up. PAX has currently 178.5 million tokens in circulation, and is doing almost as much in volume, which is very impressive. Coinbase's USDC has some catching up to do in that regard, but growth is growth regardless of how you look at it.
I'm certain that if Tether didn't mess up alternative stablecoins would remain stagnant for a long time. People as always need these events to wake up and acknowledge how serious the situation actually is. One must be an utter fool to hold any amount of USDT knowing that Bitfinex can be over and done the next day.
Has everyone heard a showdown around USDT? At the moment, Binance is buying bitcoin for tether to secure its funds. Have you seen how the amount of USDT decreases on Binance? How to see the volume of tether on the exchanges answer below?
there is no relationship with binance but people that trade USDT from bitfinex just convert it to the bitcoin massively. https://news.bitcoin.com/new-york-prosecutors-demand-transparency-from-bitfinex-and-tether/I have no idea about binance and it looks like people that put their money on USDT was throwing all of their USDT back to the bitcoin again. Just open tether on marketcap and you will know the volume for tether in any exchange sites. But this is not having high accuracy.
if they find out that the USDT is not backed up to the dollar, what will happen to it?
If this was the case then USDT's days being a stable coin will be over. Tether has been a solid crprotucurrency in terms of protecting your capital in volatility and it had little to no effect to it in terms of its price now that if this happens all trust will be lost and hodlers will imediately sell their position in a heart beat. By the way if you are really clueless to what is really happening and you are interested in answers you shouldn't have a misleading title to catch our attention, that's really an awful thing to do with your fellow members. Has everyone heard a showdown around USDT? At the moment, Binance is buying bitcoin for tether to secure its funds.
USDT holders (at binance and elsewhere) are probably buying bitcoin to secure their funds. that's why USDT is trading at a higher price than the rest of the market.
i don't think binance holds much (if any) USDT in its reserves. there's no reason for them to take on that risk. they just hold USDT on behalf of customers. so if USDT goes to $0, binance won't lose anything.
it seems to be the same person who owns both. But this does not matter much because there are already many alternatives to tether
indeed, i've been trading USDC on binance lately and the books have thickened up a lot---more than enough liquidity for my purposes. this is great because binance is one of the few places where i can trade without KYC, and USDC feels 100000x safer than tether.
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