Individual Wallets Holding 1 Bitcoin Hit All-Time High as BTC Price Maintains $30K

Photo of author

By BitcoinWiki News

Key Takeaways:

  • Tony Ling, co-founder of data portal NFTGo, and a partner at Bizantine Capital, stated that the selling volume of USDT compared to its total circulation does not significantly impact the overall market price of Bitcoin (BTC).
  • Ling highlights that previous instances of more significant price deviations in BTC have occurred without any significant consequences.

Summary of the Impact of USDT Selling Volume on Overall Market Price

1. Introduction

Tony Ling, co-founder of data portal NFTGo, and a partner at Bizantine Capital, stated that the selling volume of USDT (Tether) is not significant enough to influence the overall market price. He believes that even though there have been instances of serious price deviations in the past, they did not have a lasting impact.

2. USDT Circulation and Selling Volume

Ling emphasizes that when compared to the total circulation of USDT, the volume of USDT being sold is relatively small. USDT is a popular cryptocurrency known as a stablecoin, which is designed to maintain a steady value by being pegged to traditional fiat currencies like the US dollar. The circulation of USDT in the market greatly exceeds the selling volume.

3. Limited Effect on Market Price

According to Ling, the selling volume of USDT does not have a significant impact on the overall market price. He suggests that the market has experienced more substantial fluctuations in the past, yet these deviations did not result in any lasting consequences. This implies that the current selling activity of USDT should not be cause for concern.

4. Historical Precedents

Ling points out that there have been instances in the cryptocurrency market where serious price deviations occurred but did not lead to any adverse outcomes. This suggests that the market has a certain level of resilience and ability to absorb fluctuations caused by various factors, including the selling of USDT.

5. Conclusion

In conclusion, Ling asserts that the current selling volume of USDT is unlikely to have a lasting impact on the overall market price. He uses historical precedents to support this claim, stating that previous price deviations have not resulted in any significant long-term consequences. Therefore, Ling believes that the current situation should not be a cause for concern for market participants.

This is sponsored by: Learn Bitcoin Option

Leave a Comment