Ethereum

Cryptocurrency

Bitcoin

when

Billion

<ul>
 <li>Tether minted 1. 2 billion USDT in 10 hours, 1 billion on Ethereum and two batches of 100 million on two different networks.</li>  
 <li>It is also ascertained that large USDT mints could be linked with the BTC price fluctuations, possibly signaling higher market depth and trading volume.</li>  
 <li>The movement of 100 million USDT to Bitfinex implies that this is a notorious collaboration between Tether and the exchange to support market depth.</li> 
</ul>  
<p>In a series of quite noticeable operations in the past 10 hours, <a href="https://cryptonewsland.com/tether-stops-minting-usdt-on-eos-and-algorand-focusing-on-community-and-security/" target="_blank" rel="noopener noreferrer nofollow">Tether </a>created a large number of USDT, which is its most popular stablecoin. On September 16, 2024, Tether's treasury minted 1 billion USDT, followed by two additional mints: 100 million USDT received by Bitfinex while another 100 million USDT created on Tron blockchain. Such operations have caught the attention of observers of cryptocurrencies, as they combine with significant fluctuations in the cryptocurrency market.</p>  
<h2 class="wp-block-heading" id="h-tether-s-recent-activity">Tether’s Recent Activity</h2>  
<p>USDT is issued by Tether and is affiliated with Bitfinex, which are both parts of the iFinex group. The first transaction of 1 billion USDT was made approximately 10 hours ago and was recorded on the Ethereum blockchain while the later transactions of 100 million USDT each were done within the last one hour. In particular, the second batch of 100 million USDT was transferred to Bitfinex, one of the largest cryptocurrency exchanges by Bitcoin trading volume.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/martypartymusic/status/1835717455307592030
 </div>
</figure>  
<p>Tether often creates new USDT to cover the new demand, especially when the need for money in Cryptocurrency trading platforms increases. The timing of such large-scale mints, however, is often associated with changes in the price of Bitcoin, and many market participants relate these changes to potential market lows. In the past, new USDT supply has often stimulated the increased trading, as traders and institutions use USDT as a liquid instrument to carry out Bitcoin operations.</p>  
<h2 class="wp-block-heading" id="h-significant-effect-on-the-market">Significant Effect on the Market</h2>  
<p>Such huge volumes of USDT created in this process still leave questions about the possible impact on the Bitcoin price. Previous cases have revealed that BTC price tends to experience an upward movement after Tether has printed large volumes of USDT, when its price was at a local low.</p>  
<p>This correlation is mostly because of the stablecoin that provides the traders with the certainty of liquidity in the unstable market, enabling the traders to take new positions. Overall, iFinex’s management of Tether and Bitfinex suggests continuous market liquidity support with the number of<a href="https://cryptonewsland.com/tether-stops-minting-usdt-on-eos-and-algorand-focusing-on-community-and-security/" target="_blank" rel="noopener noreferrer nofollow"> USDT</a> tokens minted suggesting that it has taken an increased interest in market conditions.</p> 
<p>The post <a href="https://cryptonewsland.com/tether-mints-another-1-2-billion-usdt-could-this-trigger-a-bitcoin-price-shift/" rel="noopener noreferrer nofollow">Tether Mints Another 1.2 Billion USDT: Could This Trigger a Bitcoin Price Shift?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Tether Mints Another 1.2 Billion USDT: Could This Trigger a Bitcoin Price Shift?

Table of Contents

Crypto News Land

Other articles published on Sep 16, 2024

Top 5 Elite Blockchain Cloud Data Providers: Unmatched Solutions for the Digital Era

Former Binance CEO Changpeng Zhao to be released from U.S. prison

ETFSwap (ETFS) Outperforms Dogecoin (DOGE) And Shiba Inu (SHIB) To Emerge As Most Beloved Altcoin

Meme Coin Showdown: SHIB on Ethereum or BRETT on Base – Who Wins?

Aptos Welcomes Brevan Howard, BlackRock, and Hamilton Tokenized Funds by Libre

Chainlink Launches CCIP on ZKsync, Enhancing Cross-Chain Communication

Join our free newsletter for daily crypto updates!