As an experienced financial analyst, I’ve closely monitored the cryptocurrency market for years. The recent news of Tether minting $1 billion USDT in a day is a clear indication of its expanding influence and dominance in the crypto world. With an annual total of around $31 billion USDT, Tether now holds a record-breaking market cap of over $110 billion for UST.
Tether minted $1 billion of USDT in one day, bringing its annual total to around $31 billion and setting a record market cap of $110 billion for UST. This surge underscores Tether’s expanding influence. The recent minting activities have sparked speculation about their potential impact on Bitcoin prices.
Expert: The Tether Treasury recently produced an additional billion dollars’ worth of USDT, just over a day ago. #TetherTreasury has generated a grand total of 31 billion USDT on both Tron and Ethereum within the past year. These newly created USDT significantly influenced the Bitcoin price, raising it from $27,000 to $73,000.
— Lookonchain (@lookonchain) May 17, 2024
The history of Tether’s Bitcoin minting is frequently linked to significant price fluctuations in Bitcoin. Currently, Bitcoin is trading at a price of $66,727.68, representing a 2.65% rise over the past day. With the company recently adding 8,888 BTC, worth approximately $618 million, Tether’s influence within the crypto market continues to strengthen.
Market analysts posit that the buying back of unsecured Tether could accumulate, potentially contributing to Bitcoin’s soaring prices as a component of Tether’s earnings strategy to allocate 15% towards Bitcoin investment.
As a researcher, I’ve come across an exciting development in the crypto space. Tether, Oobit, and the TON Blockchain have joined forces on a project to enhance the functionality of Tether and promote wider adoption of cryptocurrencies. By streamlining transactions and ensuring smooth settlements for all users, this collaboration aims to make crypto payments faster and more convenient.
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2024-05-17 23:00