Bitcoin’s price is almost entirely dependant on how much Tether is printed out of thin air, and injected into shady unregulated exchanges.
Few understand the true value of Bitcoin, which is actually far from than even $3,000. When this goes bust, it will be the greatest loss of wealth in human history.
In light of rumors about Tether, there's been a reverse reaction of transitioning into Bitcoin. Not boring 😅
A fairly quick recovery. It's still too early to judge the final outcome, but I just wanted to let you know that the situation is ambiguous.
The sequence of events is as follows:
News of #Evergrande's bankruptcy prompts someone to dump a large volume -> against the backdrop of this volume, news emerges that Tether has investments in Chinese companies, causing market concerns -> this leads to a flow from Tether into #Bitcoin. A closed loop. 😅