Massive Influx Of Fiat Floods The Crypto Space, Says Kraken CEO
Kraken CEO Jesse Powell said that things are going great in the crypto space and we should leave fears and doubt aside.
We already reported that he said Tether is not at all boosting the price of BTC.
Massive amounts of fiat are pouring into crypto
On the other hand, in a new interview with TD Ameritrade Network, he said that his crypto exchange is currently seeing massive amounts of fiat pouring into crypto and this has been happening all year.
More than that, this correlates to the increasing supply of Tether.
“I don’t have inside knowledge of what’s happening at Tether. But I can tell you that historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of US dollars coming onto Kraken, and other exchanges would report the same. So I think what you’re seeing in Tether is just a very transparent reflection of what is happening at the banking system level with all the exchanges,” he said.
He continued and explained that “When new Tether is being printed, 99% of the time tons of US dollars are coming into the exchanges as well, and it’s not just being represented as Tether on the blockchain. Recently, we’ve had massive inflows of fiat currency, so I believe that the Tether prints are a result of new fiat coming in…”
According to the Daily Hodl, Powell highlighted that he believes Tether is just a small part of the total fiat supply among all of the exchanges.
The latest surge in #bitcoin has been accompanied by big volume in #tether. Watch as @krakenfx CEO @jespow details to @OJRenick why the controversy over the stablecoin is much ado about nothing.$BTC $USDT
— TD Ameritrade Network (@TDANetwork) July 1, 2019
BTC in the market today
Regarding Bitcoin, Alex Kruger has a positive prediction and says that BTC may have dodged a bullet when it was able to rise above $10,600.
Notice how similar the $BTC price action during the last two days has been. High odds market will re-test $10K and attempt to break through again. Give it time. Above $10,600 short term downtrend invalidated. pic.twitter.com/So4c9vvCUy
— Alex Krüger (@krugermacro) July 1, 2019
He posted that “Tweetstorm focuses on trading Support — trading Resistance is the same in the inverse direction.”
At the moment, BTC is trading in the green on CMC and the most important digital asset is priced at $11,694.08.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.