Circle printed this and this after my last post on USDC. According to the Stablecoin Printer on Twitter, the total supply went from 44,088,342,276 USDC to 44,828,256,683 USDC for a total of 739,914,407 USDC added in a period of exactly 24 hours, starting and ending at 08:15 UTC. That’s about 1/3 of the over 2 billion that they added this year so far. (USDT, on the other hand, has been quiet all January.)
And, guess what? After hours of no printing, the price suddenly goes down. It returns to almost exactly where it was when they started. BTC was $42,702 on Coinbase at the start of all of this. It was $43,874 (+2.74%) when they stopped. It peaked at $44,453 (+4.10%) around the US stock market’s open today. The mini-crash stopped at $42,892 (just above of the original amount!) when I started putting this post together. There has been a slight bounce since then, but without new stablecoins, it probably won’t hold. I think Bitcoin will either go under $42,500 today or we’ll see more stablecoin printing before the end of the day.
I don’t care if they’re just as unbacked as Tether or if a foolish institution with a lot of money just gave exit liquidity to a bunch of early HODLers who happily took it. (Perhaps this was a venture capitalist’s money? It lines up with a California calendar day if there’s a 15 minute delay.) Either way, it’s hilarious.
When will they learn what Tether learned? It takes 2,000,000,000 “dollars” now if you want to pump things!