More Tether ‘Reflective’ of Real Dollars Coming Into Bitcoin, Says Kraken CEO
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

More Tether ‘Reflective’ of Real Dollars Coming Into Bitcoin, Says Kraken CEO

July 2, 2019      Cryptoknowmics

The current bitcoin-tether relationship continues a standard historical trend, Jesse Powell told the media.

Bitcoin (BTC) is benefitting from inflows of fiat currency as stablecoin Tether (USDT) increases its supply, the CEO of cryptocurrency exchange Kraken told finance news channel TD Ameritrade Network on July 1.

In an interview, Jesse Powell took issue with suspicions about tether due to its ongoing legal battle with the New York Attorney General.

“Historically, when you’ve seen growth in the supply of tether, we’ve seen growth in the supply of U.S. dollars coming onto Kraken,” he said.

“…I think what you’re seeing with tether is just a very transparent reflection of what is happening at the banking system level and with all the exchanges[.]”

Tether’s overall supply has more than doubled in 2019. Markets swiftly shook off legal concerns when they first appeared in late April, bitcoin going on to set 15-month highs of $13,800 last month.

READ  Bitfinex Claims Repayment of $550M Loan to Tether

Data from monitoring resource Coinlib continues to show USDT as the major source for value flowing into bitcoin over the past 24 hours, with volume at $3.12 billion as of press time.

As Cointelegraph reported, theories have also concluded that consumers in restricted markets, notably China, are using USDT as an on-ramp to get bitcoin and other cryptos on exchanges indirectly using the yuan.

Earlier in the bitcoin bull run, premiums had emerged in fiat terms for those seeking to purchase tokens on over-the-counter (OTC) markets.

Powell meanwhile did not discount the idea of delisting tether under certain circumstances, but likewise considered the role of exchanges not to police what markets users have access to.

Kraken joined multiple major exchanges in delisting a hard fork of altcoin bitcoin cash (BCH), bitcoin SV (BSV), over the behavior of its representatives in April.

READ  TiENPAY to Launch Proprietary Public Blockchain Software on July 10, 2019

Go to Source
Author: William Suberg

#Crypto News #Cryptocurrency #Cryptocurrency News
Cryptoknowmics
Cryptoknowmics

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.