bullish

Bitcoin

Impact

<ul>
  
 <li>Tether's USDT supply has surged 13.6% since ATH, defying typical bearish market cap trends.</li>   
 <li>$15B in new USDT may signal preparations for a major market move, potentially driving Bitcoin's next surge.</li>   
 <li>Bitcoin's consolidation at $61K coincides with Tether's supply growth, suggesting a strategic setup for a future bullish phase.</li> 
</ul>   
<p>The crypto market has recently seen substantial developments in the supply of USDT, particularly amid Bitcoin's ongoing sideways trend since reaching $74,000 in March. Despite the general expectation that Tether's market cap should decrease during bear markets or corrections, the data suggests a different scenario.&nbsp;</p>   
<p>A prominent <a href="https://x.com/DrProfitCrypto" target="_blank" rel="noreferrer noopener nofollow">crypto analyst</a>, @DrProfitCrypto, highlights this anomaly, noting that USDT's supply has surged by 13.6% since its all-time high (ATH), hinting at a possible upcoming shift in the market.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/DrProfitCrypto/status/1823390614135644388 
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<h2 class="wp-block-heading" id="h-usdt-supply-growth-and-market-implications"><strong>USDT Supply Growth and Market Implications</strong></h2>   
<p>Tether's consistent printing of USDT during a <a href="https://cryptonewsland.com/tether-holdings-limited-achieves-record-breaking-5-2-billion-profit-in-first-half-of-2024/">sideways market movement</a> is unusual, especially as the market cap typically shrinks during bearish phases. Notably, Tether's market cap has grown significantly, with an additional $15 billion worth of USDT yet to be introduced into the market.&nbsp;</p>   
<p>This expansion in supply could suggest preparations for a substantial market move, possibly setting the stage for Bitcoin's next leg up. Today alone, another $1 billion was minted, but the market has yet to react to this development, raising questions about the potential for a future bullish run.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-s-current-position"><strong>Bitcoin's Current Position</strong></h2>   
<p>Bitcoin's current market conditions show a period of sideways movement, with the price currently at <a href="https://coinmarketcap.com/currencies/bitcoin/">$61,006.96</a>, a 2.99% increase over the past 24 hours. The overall market cap stands at $1.2 trillion, with a trading volume of $29.15 billion, marking a 21.02% decrease.&nbsp;</p>   
<p>These figures indicate a consolidation phase, with almost 94% of Bitcoin's total supply already circulating. Despite this, the steady supply of USDT suggests that Tether could play a pivotal role in driving Bitcoin's next price movement.</p>   
<h2 class="wp-block-heading" id="h-potential-impact-of-tether-s-actions-on-the-market"><strong>Potential Impact of Tether's Actions on the Market</strong></h2>   
<p>The substantial increase in USDT supply during a period of minimal price movement for Bitcoin might indicate strategic positioning by Tether for a <a href="https://cryptonewsland.com/tether-records-18-million-weekly-transactions-on-tron-blockchain/">future market surge</a>. With $15 billion worth of USDT still on the sidelines, the market is likely waiting for the right moment to inject this liquidity.&nbsp;</p>   
<p>As Bitcoin remains in a consolidation phase, Tether's actions could eventually trigger a new all-time high for Bitcoin, aligning with the observations made by @DrProfitCrypto. The market's current indifference to the minting of additional USDT suggests a potential underestimation of its impact, which may become evident in the coming months.</p> 
<p>The post <a href="https://cryptonewsland.com/usdt-supply-soars-amidst-bitcoin-consolidation/">USDT Supply Soars Amidst Bitcoin Consolidation, Is a Market Breakout Imminent?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

USDT Supply Soars Amidst Bitcoin Consolidation, Is a Market Breakout Imminent?

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