Tether Mints $1 Billion in USDT, Pushing Market Cap Above $110B

WikiBit 2024-05-18 14:39

This might be the much-needed catalyst for Bitcoin’s next climb to new all-time highs. An additional $1 billion worth of USDT was minted by Tether’s

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This might be the much-needed catalyst for Bitcoins next climb to new all-time highs.
An additional $1 billion worth of USDT was minted by Tethers Treasury in the last 24 hours.

The biggest stablecoin in the world, Tether (USDT), has minted yet another $1 billion worth of USDT, putting its market cap beyond $110 billion. This might be the much-needed catalyst for Bitcoins next climb to new all-time highs.

An additional $1 billion worth of USDT was minted by Tethers Treasury in the last 24 hours, bringing the total amount of USDT minted this year to $31 billion. Earlier, the price of Bitcoin surged from $27,000 to $73,000, in large part because of the newly created USDT, as stated in a post by Lookonchain on May 17.

Diversified Portfolio

Tether has pledged to diversify its stablecoin‘s backing assets by investing 15% of its net earnings into Bitcoin, which might directly help in Bitcoin’s surge.

According to Bitinfocharts, Tether became the seventh-largest Bitcoin holder in the world on March 31 after acquiring 8,888 Bitcoin worth $618 million. After declaring its intention to diversify into Bitcoin one year ago, Tethers wallet now has more than 78,317 BTC, which is worth more than $5.18 billion.

Investments into spot Bitcoin exchange-traded funds (ETFs) continue to be a major factor influencing the price of Bitcoin. The net positive outflows from U.S. Bitcoin ETFs continued for a second week, according to Dune.

A big component of the present Bitcoin run to new all-time highs was the institutional inflows from ETFs. As the price of the biggest cryptocurrency in the world soared beyond $50,000 on February 15th, exchange-traded funds (ETFs) absorbed about 75% of the fresh capital inflow.

Moreover, the $65,000 level seems to be a significant support for BTC, and the price movement of Bitcoin has corroborated yesterdays breakthrough on the daily chart.

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