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Home > News
Published: 04/03/2024
-
Author: Leexim
Bitcoin Surges to $65,000 as Tether Unleashes 1 Billion USDT
Bitcoin catapulted to a fresh yearly pinnacle, surpassing $65,000 in response to the Tether Treasury's issuance of 1 billion USDT, marking a synchronized surge in both market dynamics and cryptocurrency value.
Azcnews
The recent issuance of USDT has triggered widespread speculation and heightened interest within the cryptocurrency sector.
Blockchain analytics platform Whale Alert reported a fresh batch of minted USDT on a Sunday, sparking a discussion about its potential impact on Bitcoin’s price. Historical data suggests a correlation between Tether’s minting activities and significant increases in Bitcoin’s value.
In January, Tether released 2 billion USDT over a ten-day period, coinciding with a noticeable surge in Bitcoin’s price, partly driven by anticipations of a spot Bitcoin exchange-traded fund (ETF). This pattern has led some to ponder the possibilities of future Bitcoin price volatility.
In the midst of market speculation, crypto investor Elja raised a question, “1 billion USDT got minted. Which coin are they planning to pump?”
Attempting to address the speculation, Paolo Ardoino, Tether’s CEO, offered clarification. He explained that the recently minted $1 billion USDT is earmarked for future issuance requests and chain swaps, emphasizing that it is not intended for an immediate impact on the market. Ardoino detailed, “1 billion USDT inventory replenished on the Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period’s issuance requests and chain swaps.”
Ardoino’s clarification sheds light on the operational intricacies of blockchain technology, illustrating how digital assets can seamlessly move across multiple blockchains to meet market demands and enhance liquidity.
Related: The Driving Forces Behind Bitcoin’s Resurgence to $64,000
Tether is on the verge of reaching a $100 billion market cap, solidifying its dominance in the stablecoin market with over 70% market share, as reported by DefiLlama. However, Tether’s position has come under scrutiny, especially after JPMorgan Chase & Co. expressed concerns about its growing market share last month. JPMorgan highlighted issues related to regulatory compliance and transparency, emphasizing the ongoing discussions about the role of stablecoins in the broader financial ecosystem.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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BTC Coin BTC
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BNB Coin BNB
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SOL Coin SOL
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USDC Coin USDC
0.01%
ADA Coin ADA
9.83%
DOGE Coin DOGE
21.00%
AVAX Coin AVAX
2.98%
BTC Coin BTC
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ETH Coin ETH
3.22%
USDT Coin USDT
0.04%
BNB Coin BNB
2.18%
SOL Coin SOL
3.73%
XRP Coin XRP
5.00%
USDC Coin USDC
0.01%
ADA Coin ADA
9.83%
DOGE Coin DOGE
21.00%
AVAX Coin AVAX
2.98%
Search...
Home > News
Published: 04/03/2024
-
Author: Leexim
Bitcoin Surges to $65,000 as Tether Unleashes 1 Billion USDT
Bitcoin catapulted to a fresh yearly pinnacle, surpassing $65,000 in response to the Tether Treasury's issuance of 1 billion USDT, marking a synchronized surge in both market dynamics and cryptocurrency value.
Azcnews
The recent issuance of USDT has triggered widespread speculation and heightened interest within the cryptocurrency sector.
Blockchain analytics platform Whale Alert reported a fresh batch of minted USDT on a Sunday, sparking a discussion about its potential impact on Bitcoin’s price. Historical data suggests a correlation between Tether’s minting activities and significant increases in Bitcoin’s value.
In January, Tether released 2 billion USDT over a ten-day period, coinciding with a noticeable surge in Bitcoin’s price, partly driven by anticipations of a spot Bitcoin exchange-traded fund (ETF). This pattern has led some to ponder the possibilities of future Bitcoin price volatility.
In the midst of market speculation, crypto investor Elja raised a question, “1 billion USDT got minted. Which coin are they planning to pump?”
Attempting to address the speculation, Paolo Ardoino, Tether’s CEO, offered clarification. He explained that the recently minted $1 billion USDT is earmarked for future issuance requests and chain swaps, emphasizing that it is not intended for an immediate impact on the market. Ardoino detailed, “1 billion USDT inventory replenished on the Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period’s issuance requests and chain swaps.”
Ardoino’s clarification sheds light on the operational intricacies of blockchain technology, illustrating how digital assets can seamlessly move across multiple blockchains to meet market demands and enhance liquidity.
Related: The Driving Forces Behind Bitcoin’s Resurgence to $64,000
Tether is on the verge of reaching a $100 billion market cap, solidifying its dominance in the stablecoin market with over 70% market share, as reported by DefiLlama. However, Tether’s position has come under scrutiny, especially after JPMorgan Chase & Co. expressed concerns about its growing market share last month. JPMorgan highlighted issues related to regulatory compliance and transparency, emphasizing the ongoing discussions about the role of stablecoins in the broader financial ecosystem.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Read Less
0.0/5
Love
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
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Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking (48)
News 04/03/2024
EigenLayer TVL Surpasses $10 Billion, Ranking Second in DeFi
EigenLayer's TVL reaches $10B, surpassing numerous prominent projects and currently ranking second only to Lido in the DeFi protocol space.
Azcnews Breaking (47)
Airdrops | Altcoin | News 04/03/2024
Guide to Conducting SynFutures Airdrop
SynFutures is launching a rewards program with opportunities for future airdrops. To participate in the program, you can refer to the article below!
Azcnews (1)
News | Defi | Editor Choice 04/03/2024
Locked Value in Defi Approaches the $100 Billion Milestone
The total value locked (TVL) in decentralized finance (Defi) protocols has not only surpassed the $80 billion mark but has also expanded by an additional $11.66 billion since then.
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News | Bitcoin | Editor Choice 04/03/2024
The Driving Forces Behind Bitcoin’s Resurgence to $64,000
Bitcoin (BTC) surges to $64,000, approaching its record high, propelled by its most significant weekly gain in history.
Top views
1
Memecoins Have Been Leading The Market For Several Days
2
Blast Releases Mainnet, Expected Airdrop Redemption Schedule
3
OKX to List QnA3.AI’s GPT Token on its Spot Market
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