Skip to contentAZC.Newsen EN BTC Coin BTC-3.91%ETH Coin ETH-4.51%USDT Coin USDT0.03%B
Skip to content
en EN
BTC Coin BTC
-3.91%
ETH Coin ETH
-4.51%
USDT Coin USDT
0.03%
BNB Coin BNB
-3.77%
SOL Coin SOL
-6.37%
XRP Coin XRP
-2.05%
USDC Coin USDC
-0.02%
DOGE Coin DOGE
-7.75%
ADA Coin ADA
-4.55%
AVAX Coin AVAX
-6.89%
BTC Coin BTC
-3.91%
ETH Coin ETH
-4.51%
USDT Coin USDT
0.03%
BNB Coin BNB
-3.77%
SOL Coin SOL
-6.37%
XRP Coin XRP
-2.05%
USDC Coin USDC
-0.02%
DOGE Coin DOGE
-7.75%
ADA Coin ADA
-4.55%
AVAX Coin AVAX
-6.89%
Search...
Home > News
Published: 02/04/2024
-
Author: Kane
Tether Acquires $627 Million Worth of Bitcoin in Q1 2024
In the first quarter of this year, Tether, the company issuing the stablecoin USDT, has acquired nearly 9,000 BTC, equivalent to $627 million USD, raising its holdings of Bitcoin to $5.2 billion USD.
Azcnews Breaking
Table of Contents
Bitcoin Continues to be Acquired by Tether
Entering the first quarter of 2024, the stablecoin giant Tether has caused a stir by purchasing a massive amount of Bitcoin – $627 million, thereby pushing the total value of Bitcoin in its reserves to a record-breaking $5.2 billion, equivalent to 75,354 BTC. For the first time, the amount of Bitcoin owned by Tether has surpassed the $5 billion mark, marking a significant milestone.
Tether (1)
Scoure Arkham
While Tether still keeps its Bitcoin addresses private, last year, The Block unveiled and verified an address belonging to this major player. According to their findings, this address has been accumulating Bitcoin reserves quarterly since September 2022. With the recent purchase, Tether’s position has skyrocketed to the 7th place in the list of the largest Bitcoin whales, a steep climb from its previous 11th position.
Tether’s Chief Technology Officer, Paolo Ardoino, confirmed the new purchase to The Block, stating that the company has spent a substantial amount to acquire 8,889 BTC in the first quarter. He said:
The purchases took place throughout the quarter, and were settled at the end of the quarter.
For the first time, in May 2023, Tether publicly disclosed the amount of Bitcoin they hold through a quarterly financial report. At that time, the company asserted that it would use 15% of its quarterly profit to buy Bitcoin and shift its stablecoin reserves into cryptocurrencies.
Tether Increases Market Influence
This significant-scale Bitcoin purchase by Tether has sounded alarm bells for cryptocurrency investors. As the largest stablecoin in the market, Tether’s decision to bolster its Bitcoin reserves could directly impact the value and liquidity of the USDT token, which currently holds 60% of the global stablecoin market share.
In addition to direct investments in Bitcoin, Tether is also involved in mining and energy production for Bitcoin. This behemoth has also begun to venture into the field of artificial intelligence (AI), with ambitions to “lead in the development of diverse open-source AI models to set new standards for the industry, promote innovation, and utility for AI technology.”
Related: Tether Expands Investment Portfolio into AI Category
Read More
#Tether
#Tether (USDT)
1.5/5
(2 votes)
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking
News | Blockchain | Editor Choice 02/04/2024
a16z Injects $30 Million into Gaming-Related Startups
Andreessen Horowitz (a16z), a leading venture capital firm in the technology and cryptocurrency space, has tapped into the significant potential of the gaming market by deciding to invest $30 million in startups related to this sector.
Azcnews Breaking
News | Editor Choice | Policy & Regulations 02/04/2024
TRON Foundation Asserts Strongly Against SEC Lawsuit
The Tron Foundation, the organization behind the Tron blockchain layer-1, has requested the federal court in New York to dismiss the lawsuit filed against them by the U.S. Securities and Exchange Commission (SEC).
Azcnews
News | Altcoin | Editor Choice 02/04/2024
The Number of Ethereum Investors is Growing Steadily
In the past 24 hours, Ethereum (ETH) experienced a decline of over 2%, with market indicators signaling a bearish trend.
Azcnews (1)
News | Bitcoin | Editor Choice 02/04/2024
Long-term Holders Selling Bitcoin to Take Profit
Long-term holders are initiating coin distribution as on-chain data indicates Bitcoin is reaching overheated levels.
Azcnews Breaking
News | Altcoin | Editor Choice | Research 01/04/2024
What is Hifi Finance? Information about HIFI Token?
The RWA niche has a lot of growth potential in the future, among which Hifi Finance must be mentioned - a lending and borrowing platform. So, what is Hifi Finance? Let's find out right away!
Top views
1
Guide to Participating in Eclipse Testnet
2
NIM Network Announces Airdrop of 90 Million Tokens
3
Standard Chartered Forecasts Bitcoin to Rise to $250,000
4
How to Participate in the Backpack Airdrop
5
Bitcoin Halving Chart History Analysis
6
What is ChatAI? Information about CHATAI Token?
7
Solana Earns the Title of Ethereum Slayer
8
The Resurgence of “RWA” Token Category
9
Square Enix Invests in Web3 Platform and NFT HyperPlay
10
AltLayer Introduces ALT Staking Feature
About AZC.News
Skip to content
AZC.News
en EN
BTC Coin BTC
-3.91%
ETH Coin ETH
-4.51%
USDT Coin USDT
0.03%
BNB Coin BNB
-3.77%
SOL Coin SOL
-6.37%
XRP Coin XRP
-2.05%
USDC Coin USDC
-0.02%
DOGE Coin DOGE
-7.75%
ADA Coin ADA
-4.55%
AVAX Coin AVAX
-6.89%
BTC Coin BTC
-3.91%
ETH Coin ETH
-4.51%
USDT Coin USDT
0.03%
BNB Coin BNB
-3.77%
SOL Coin SOL
-6.37%
XRP Coin XRP
-2.05%
USDC Coin USDC
-0.02%
DOGE Coin DOGE
-7.75%
ADA Coin ADA
-4.55%
AVAX Coin AVAX
-6.89%
Search...
Home > News
Published: 02/04/2024
-
Author: Leexim
The Number of Ethereum Investors is Growing Steadily
In the past 24 hours, Ethereum (ETH) experienced a decline of over 2%, with market indicators signaling a bearish trend.
Azcnews
Ethereum (ETH) recently surged past the $3,600 mark as it closed the previous week. During this time, investor confidence in the leading altcoin soared as key metrics reached all-time highs. However, this confidence did little to aid ETH as its daily chart turned red.
Investors in Ethereum are on the rise. Santiment recently tweeted highlighting the fact that ETH made a significant leap over the weekend, recovering to over $3,600 after a 25% drop from March 11 to March 19.
While the price of the leading altcoin rebounded, its total number of non-zero addresses skyrocketed, surpassing 118.23K. Additionally, its mid-term MVRV ratio signaled a slight uptick.
Atheneum's non-zero addresses rose
Source: Glassnode
However, the reality differs as ETH price dropped over 2.4% in the past 24 hours, plunging below $3,600 according to CoinMarketCap.
At the time of writing, Ethereum is trading at $3,547.34 with a market capitalization of over $425 billion. Despite the price drop, it’s noteworthy that the number of non-zero balance addresses for ETH continues to increase.
Expectations for Ethereum
Ethereum ETH 13.30.21 01 Apr 2024
Source: Santiment
Given the token’s value decline in the past 24 hours, it’s necessary to examine its data to gauge its trend in April. Despite the increase in non-zero addresses, its supply on exchanges is still rising, indicating high selling pressure.
Related: Ethereum Targets $3000 with Positive On-Chain Signals
According to CryptoQuant data, ETH net deposits on exchanges are higher than the seven-day average, indicating that investors are selling ETH.
Interestingly, whales have shown confidence in Ethereum as its supply held by top addresses has increased. However, Ethereum’s network-to-value ratio has surged significantly.
ETHUSD 2024 04 01 13 36 42
Source: TradingView
This increase indicates an asset being overvalued, suggesting a high likelihood of price correction.
Our analysis of Ethereum’s daily chart reveals that its Relative Strength Index (RSI) has trended southward from the neutral zone. Its Chaikin Money Flow (CMF) also follows the RSI, recording a sharp decline.
Furthermore, its Bollinger Bands indicate that ETH price is entering a less volatile zone, reducing the possibility of short-term price hikes.
Read More
1.0/5
(1 vote)
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking
News | Blockchain | Editor Choice 02/04/2024
a16z Injects $30 Million into Gaming-Related Startups
Andreessen Horowitz (a16z), a leading venture capital firm in the technology and cryptocurrency space, has tapped into the significant potential of the gaming market by deciding to invest $30 million in startups related to this sector.
Azcnews Breaking
News | Editor Choice | Policy & Regulations 02/04/2024
TRON Foundation Asserts Strongly Against SEC Lawsuit
The Tron Foundation, the organization behind the Tron blockchain layer-1, has requested the federal court in New York to dismiss the lawsuit filed against them by the U.S. Securities and Exchange Commission (SEC).
Azcnews Breaking
News | Altcoin | Editor Choice 02/04/2024
Tether Acquires $627 Million Worth of Bitcoin in Q1 2024
In the first quarter of this year, Tether, the company issuing the stablecoin USDT, has acquired nearly 9,000 BTC, equivalent to $627 million USD, raising its holdings of Bitcoin to $5.2 billion USD.
Azcnews (1)
News | Bitcoin | Editor Choice 02/04/2024
Long-term Holders Selling Bitcoin to Take Profit
Long-term holders are initiating coin distribution as on-chain data indicates Bitcoin is reaching overheated levels.
Azcnews Breaking
News | Altcoin | Editor Choice | Research 01/04/2024
What is Hifi Finance? Information about HIFI Token?
The RWA niche has a lot of growth potential in the future, among which Hifi Finance must be mentioned - a lending and borrowing platform. So, what is Hifi Finance? Let's find out right away!
Top views
1
Guide to Participating in Eclipse Testnet
2
NIM Network Announces Airdrop of 90 Million Tokens
3
Standard Chartered Forecasts Bitcoin to Rise to $250,000
4
How to Participate in the Backpack Airdrop
5
Bitcoin Halving Chart History Analysis
6
What is ChatAI? Information about CHATAI Token?
7
Solana Earns the Title of Ethereum Slayer
8
The Resurgence of “RWA” Token Category
9
Square Enix Invests in Web3 Platform and NFT HyperPlay
10
AltLayer Introduces ALT Staking Feature
About AZC.News
About Us
Contact Us
Privacy Policy
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
Copyright 2024 © AZ CoinerAbout Us
Contact Us
Privacy Policy
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
