Will USDT start the crypto bull?
It was stated that Tether's USDT, which reached a record market value, could trigger increases in the crypto market. Will USDT be the key to the increase?
The stablecoin USDT, which is pegged to the US dollar, reached a market value of $ 120 billion on October 20. The data in question represents the cash flow ready for use in the crypto market.
According to a report by Cointelegraph, USDT may end the seven-month downtrend by flowing into Bitcoin and Ethereum. The data shows that the October increases interpreted as "Uptober" may continue with the money coming out of USDT.
USDT supply may shift to cryptocurrencies
Stablecoins serve as a bridge in the digital asset world. Investors convert their fiat currencies into stablecoins and buy and sell crypto. USDT stands out as the largest stablecoin. Analysts closely follow the market value of stablecoins to understand a potential increase in altcoins.
The increasing supply of USDT could trigger the next price increases.
After August 5, when the Bitcoin price dropped to $49,000, the supply of USDT was seen to increase. 1.3 billion USDT was printed until August 9. With the increase in supply in USDT, the BTC price increased by 21 percent.
Cointelegraph, which predicted that a similar scenario could occur, noted the following;
âTetherâs increasing stablecoin supply could trigger the next âUptoberâ rally (crypto slang for October). October is historically a bullish period for Bitcoin prices.â
Tetherâs treasury flows show that a significant supply is being transferred to centralized exchanges. The data points to buying pressure from investors.
Blockchain research platform Arkham Intelligence reported that over $66 million worth of USDT was sent from Tetherâs treasury to Binance in the last 24 hours.
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