The bear market has triggered analysts’ to formulate many conspiracy theories, one of them revisits the debate about Tether pumping the price of Bitcoin and manipulating the market using the USDT.
Is Tether manipulating the Bitcoin market once again?
The highly outspoken crypto personality with the Twitter handle “CryptoWhale” recently noted that the Bitcoin price dip may have been the result of Tether suspending the printing of funds. Just yesterday the Bitcoin market began to pick up, and the charts have since turned green. This new development is one that CryptoWhale associates with the return of Tether to the market.
His tweet reads :
“Tether barely printed anything in over 3 weeks, and the markets tanked hard. Last night, they turned their printers back on, and magically the entire market is green again. Not suspicious at all…”
Whether Tether can affect the price of Bitcoin and other Crypto assets in the manner that the observer and other onlookers suggest is yet to be proven wrong or right. However, many Bitcoiners have chosen to focus more on on-chain and technical data, which could also be referred to as factors that possibly aided the recent Bitcoin upwards price correction.
Bitcoiners speculate the reason behind the big bull’s price stagnation
As noted by analyst’ William Clemente, some two days ago, Bitfinex whales closed their short Bitcoin positions.
But the big question that many Bitcoiners are asking is: “if whales keep closing shorts, why is the Bitcoin market down to the $32,000 level from $40,000 a week before?”
BTCUSD Chart By TradingView
As another Bitcoiner pointed out, in a bid to respond to the question, “Whales can only sell so much at a time. There isn’t enough liquidity in the market to sell anymore. If there was they would sell more. They sell as soon as enough dummies buy the dip. This will continue to rinse and repeat.” The above sentiment is shared by a handful of Bitcoiners who are convinced that the market is stuck in the said repetitive cycle.
General sentiments remain increasingly bullish for Bitcoin and Ethereum as community members look back at the profound historical growth the asset has had. Another user is quoted saying:
“The sentiment is crazy right now. Price was under $10,000 for Bitcoin and under $100 for Ethereum less than a year ago. We are still up significantly from those levels and people are calling this the ‘end of crypto.’ No one said HODLing was easy, but it usually pays off.”
