Crypto Market Proves Immune to Tether’s Recent Influx, Research Shows
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With another $500 million worth in new tokens issued in August and history linked to alleged Bitcoin (BTC) price manipulation, Tether (USDT) was carefully observed by market watchers anticipating the recent influx to cause cryptocurrency price swings. However, according to a report by blockchain research firm Chainalysis, the stablecoin is no longer able to have a major impact on the wider crypto market.
The Tether issue first came into the limelight when in December 2017 the US Commodities Futures Trading Commission (CFTC) subpoenaed the coin and associated cryptocurrency exchange Bitfinex, seeking proof that USDT is backed by a reserve of US dollars. Neither was accused of wrongdoing but the controversy persisted. A June paper published by researchers at the University of Texas claimed that t...
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