Daily Market Update
At the moment BTC price is close to 6700 and the market dominance is 53.7%. Yesterday Bitcoin had its lowest trading volume since July 14th on Binance and while it shortly got close to 6800 in the end the price stayed fairly stable in the 6600-6700 range. Given yesterday's low trading volume one must be cautious when it comes to opening new longs. Low volume and small upward movement of yesterday only shows that most traders were staying away from the market. This can have two reasons : first the historically low volume of weekends and second the fact that most people are trying to stay safe in this uncertain market situations. Today's candle has shown the same stability/uncertainty so far and it is still too soon to call for a bullish movement. So far only one thing is clear: The market is undecided and active trading is a risky thing to do right now.
Bloomberg published an interesting story regarding Tether's new August issuance and how it didn't correlate at all with Crypto prices. If you remember when it was first reported that Tether and Bitfinex might have worked together to pump and manipulate Bitcoin prices by issuing fake Tethers the market went into red mode . Now though a new research shows that despite 500 million Tethers which were issued in August we have seen price drops as much as 45 percent. So while there are still those who are suspicious about Tether/Bitfinex/Crypto Market this latest paper released by Chainalysis clears at least some of the doubts about the stablecoin's impact on crypto markets.
Bloomberg published an interesting story regarding Tether's new August issuance and how it didn't correlate at all with Crypto prices. If you remember when it was first reported that Tether and Bitfinex might have worked together to pump and manipulate Bitcoin prices by issuing fake Tethers the market went into red mode . Now though a new research shows that despite 500 million Tethers which were issued in August we have seen price drops as much as 45 percent. So while there are still those who are suspicious about Tether/Bitfinex/Crypto Market this latest paper released by Chainalysis clears at least some of the doubts about the stablecoin's impact on crypto markets.
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