Tether Treasury has just minted another 15,000,000 USDT. This means that we may see some fresh money come into the market shortly.
It’s no secret that every time Tether Treasury mints new USDT, a major Bitcoin move usually follows.
This has been the case time and time again. In fact, Tether’s trading volume can be traced over Bitcoin’s price movements to get an accurate estimate of future trends. That’s how strongly Tether and Bitcoin are linked now. It is even common now to see USDT with more trading volume than all the BTC trading pairs combined.
So, regardless of what you think of Tether, it’s deniable it has a massive impact on Bitcoin’s price—and another 15M of USDT is about to enter the market.
Whale Alert (@whale_alert) is reporting that 15M USDT has just been minted at Tether Treasury. This fresh ‘fiat’ will likely hit the exchanges soon.
The responses the tweet have been mainly optimistic about the short-term. With many writing “pump it,” and posting memes about Bitcoin’s expected rise, it seems that everyone knows that this is a significant buy signal. However, whether or not Tether’s minting can proceed in the long-run is dubious at best. After all, the stablecoin still has a pending decision coming from its high-profile court case with the New York Attorney General. So, Tether is steeped in controversy but, somehow, its stablecoin remains the de facto leader in the entire industry. It has become so powerful that USDT is considered virtually synonymous with fiat in the markets, a stunning development which seemed unlikely just a year ago. Given that $15M is about to enter the market, Bitcoin seems poised for another leg-up in the short-term. It’s already trending upwards on the daily and is currently trading around the $10,700 price point. Do you agree that Tether Treasury’s printing of new USDT can be tied to Bitcoin’s price movements? Let us know your thoughts below in the comments. And while you’re at it, check out our guide on the best cryptocurrency exchanges for trading Bitcoins.💵 💵 15,000,000 #USDT (15,075,030 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) September 6, 2019
Tx: https://t.co/DyuTJkMdQ3
Images are courtesy of Shutterstock, Twitter.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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