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<ul class="wp-block-list news-points">
 <li>Tether’s injection of 1.845 billion USDT into exchanges on the Ethereum network may have contributed to Bitcoin’s recent surge to a new all-time high of $76,000.</li>
 <li>Spot On Chain’s analysis suggests a correlation between large Tether minting events and upward trends or stabilization in BTC price.</li>
 <li>The stablecoin space is becoming increasingly competitive, with new entrants like Ripple’s RLUSD and the Global Dollar (USDG) challenging Tether’s dominance.</li>
</ul>
Tether, the stablecoin firm behind USDT, injected a massive 1.845 billion USDT into exchanges on the Ethereum blockchain network, which may be one reason why the price of Bitcoin (BTC) skyrocketed in the past 24 hours and reached a new all-time high at $76,000.
According to a <a href="https://x.com/spotonchain/status/1854367798946058301" target="_blank" rel="noopener noreferrer nofollow">post</a> on X (formerly Twitter) by Spot On Chain, a blockchain analysis platform, Tether first minted a massive 2 billion USDT tokens on Ethereum and then, burned a substantial 1 billion USDT on Tron (TRX), a blockchain for creating decentralized applications.
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Tether injected $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. Over the past year, the stablecoin firm has minted a whopping …
The post <a href="https://coinedition.com/tether-injects-1-8b-into-exchanges-fueling-bitcoins-surge-to-76k/" rel="noopener noreferrer nofollow">Tether Injects $1.8B into Exchanges, Fueling Bitcoin’s Surge to $76K</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Tether Injects $1.8B into Exchanges, Fueling Bitcoin’s Surge to $76K

Coin Edition

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