TLAB Daily: USDT issued 100 million more, the chain effect is highlighted
Industry Interpretation
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Industry Interpretation
Yesterday, BTC fell below $10,000, reaching as low as $9,800, but quickly regained the lost ground at night. Today, BTC has risen to $11,500, recovering nearly 61.8% of the decline. Because the rally continues, the 61.8% figure may be a coincidence, but one thing is clear: this rebound, of course, is not a coincidence.
A few days ago, the market was good. The OTC channel of Huobi USDT, the price was as high as 7.16CNY, compared with the exchange rate of around 6.8, a premium of 5.29%. The market demand for USDT is strong, which is one of the manifestations of the high market sentiment.
Today we look at the USDT price on the OTC channel, which has fallen back to 6.97CNY, and the current exchange rate is 6.8911, with a premium of only 1.11%.
Tracing the origin of it, the reason lies in this - USDT additional issuance.
At around 1:04 am on July 2, Tether newly issued 100 million USDT on the Ethereum network, and the transaction hash value was: 0x79c889def01fad0eff5b361ed67c6dcc6ce6d4cc54a87dcf9973ac5055826f8b. Of the 100 million additional issuance, 799,200 coins were transferred to Huobi, 1,298,700 coins were transferred to Binance, 22.5 million coins were transferred to Bitfinex, and some were transferred to unknown addresses.
Some of the USDT transferred to the exchange can be directly bought into mainstream currencies such as BTC to push up the price, and the other part can also be sold on the OTC channel. These series of operations lead to two results:
1. BTC rebound;
2. The USDT premium fell.
There is another piece of news that cannot be ignored. Yesterday, Bitfinex announced that it had repaid an outstanding loan of US$100 million to Tether on July 1, 2019, which has not yet been paid to Tether.
5-minute trend analysis of BTC/USDT secondary market (Huobi Spot)
5-minute trend analysis of BTC/USDT secondary market (Huobi Spot)
30-minute trend analysis of BTC/USDT secondary market (Huobi spot)
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30-minute trend analysis of BTC/USDT secondary market (Huobi spot)
[BTC]: Bit spot rebounded sharply today, with the intraday high reaching around 11,600. Personally, I feel that it has something to do with the aggravation of the US-Russia conflict market panic, which led to a surge in gold, and was directly pushed up by safe-haven funds. Now analyze from the 30-minute level, today’s rise has been strong above 10,500, and the trend is strong. Now we will see whether it can stand above 11,500. It's just a 1-minute level rebound, and it hasn't grown into a 5-minute level, that is, the short-term trend will continue.
To sum up, Bit Spot rebounded in 30 minutes and then fell back after hitting 11500. In the short term, as long as it does not effectively break through 11070, the trend will rebound upwards. The operation suggests a strong stand near 10070 and short-term long-term, with a stop loss of 270 points.
ETH: Ether rebounded following Bit and directly stood at 295. There are signs of an end to the previous decline. As long as it can maintain this position in the short term, the price will continue to rise. The operation suggests that the short-term effectively stand above 295 and do more, with a stop loss of 25 points.
EOS: The trend of pomelo is still weak, the rebound is almost weak, and the short-term is still dominated by shocks. The operation suggests that in the short term, we should stand firmly at 5.92 and do more mainly, and the stop loss price will be around 5.7.
