The Tether discount has all but disappeared, with
BTCUSD
pairing trading at only a .8% premium to Coinbase.
The discount built up over about 15 days, leading to a blowout on on 10/15. From then the BTC/USD Finex premium has faded nearly daily through Halloween. Basically it nearly retraced the entire discount in the same 15 days that it took to build it.
What is most interesting is that Bitcoin did not suffer during this event. In fact October was one of the least volatile months ever for pure BTCUSD pairs. The long running thesis was that a Tether problem would cause harm to BTC, but the reality is it had near 0 impact. That is incredibly bullish. Why?
It means support is stronger than what any of us can imagine and the market is beginning to absorb other stablecoins. Both of which are strong signs for the future.
If a month long Tether disaster cannot move Bitcoin...what type of event could push us under 5800-6000k?
BTCUSD
pairing trading at only a .8% premium to Coinbase. The discount built up over about 15 days, leading to a blowout on on 10/15. From then the BTC/USD Finex premium has faded nearly daily through Halloween. Basically it nearly retraced the entire discount in the same 15 days that it took to build it.
What is most interesting is that Bitcoin did not suffer during this event. In fact October was one of the least volatile months ever for pure BTCUSD pairs. The long running thesis was that a Tether problem would cause harm to BTC, but the reality is it had near 0 impact. That is incredibly bullish. Why?
It means support is stronger than what any of us can imagine and the market is beginning to absorb other stablecoins. Both of which are strong signs for the future.
If a month long Tether disaster cannot move Bitcoin...what type of event could push us under 5800-6000k?