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BTC Trading volume over the last 24hrs is $6,795,970,000 (https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#ma
by brendanw 9y ago
BTC Trading volume over the last 24hrs is $6,795,970,000 (https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#markets)
Tether trading volume over the last 24hrs is $803,868,000 (https://coinmarketcap.com/currencies/tether/#markets https://coinmarketcap.com/currencies/tether/#markets)
At most tether can make up 11.8% of BTC's daily trading volume. If tether tanks, then it seems that worst-case BTC could suffer a 10% drop in demand, ceteris paribus.
Please tell me if there is a flaw in this logic. Seems like there is a valid critique about BTC being boosted by tether, but that doesn't come anywhere close to explaining the exponential growth of value in BTC.
- joshschreuder 9y agoReputational risk from BTC being tied to Tether?
- heptathorp 9y agoIt could be misleading to look at volume. For example how much of that $6.8B is due to wash trading? Also Bitcoin is paired with literally hundreds of altcoins, which make up a portion of that volume. We would want to focus on how much BTC is purchased with USD vs how much is purchased with USDT.