🚀 Tether's USDT just minted another cool $1 billion, pushing its market cap to a whopping $110 billion! Bitcoin, are you ready for a new all-time high? 📈

In the past day, Tether's treasury has been busy printing $1 billion worth of USDT, bringing its annual total to a jaw-dropping $31 billion. According to Lookonchain, this minting spree has been a key driver for Bitcoin's price rise from $27,000 to $73,000.

But wait, there's more! Tether is also directly investing in Bitcoin. The company plans to invest 15% of its net profit in Bitcoin to diversify its stablecoin's backing assets. As of March 31, Tether had acquired 8,888 BTC worth $618 million, making it the seventh-largest Bitcoin holder globally. 🌍

Currently, Tether's wallet holds over 78,317 BTC, valued at more than $5.18 billion, one year after announcing its diversification plan.

Bitcoin's price movements are also influenced by institutional investments in spot Bitcoin exchange-traded funds (ETFs). According to Dune, U.S. Bitcoin ETFs have seen over $200 million in net inflows over the past two weeks.

By February 15, Bitcoin ETFs accounted for about 75% of new investments in Bitcoin as it crossed the $50,000 mark.

On May 16, Bitcoin’s price confirmed a breakout on the daily chart, with $65,000 acting as strong support, according to TradingView.

However, Bitcoin might still experience a temporary correction to below $63,500 before reclaiming the $70,000 psychological mark.

What do you think? Will Bitcoin hit a new all-time high or will it experience a temporary correction? Let's discuss in the comments! 🚀👇