Tether’s injection of 1.845 billion USDT into exchanges on the Ethereum network may have contributed to Bitcoin’s recent surge to a new all-time high of $76,000.
Spot On Chain’s analysis suggests a correlation between large Tether minting events and upward trends or stabilization in BTC price.
The stablecoin space is becoming increasingly competitive, with new entrants like Ripple’s RLUSD and the Global Dollar (USDG) challenging Tether’s dominance.
Tether, the stablecoin firm behind USDT, injected a massive 1.845 billion USDT into exchanges on the Ethereum blockchain network, which may be one reason why the price of Bitcoin (BTC) skyrocketed in the past 24 hours and reached a new all-time high at $76,000.
According to a post on X (formerly Twitter) by Spot On Chain, a blockchain analysis platform, Tether first minted a massive 2 billion USDT tokens on Ethereum and then, burned a substantial 1 billion USDT on Tron (TRX), a blockchain for creating decentralized applications.
Tether injected $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. Over the past year, the stablecoin firm has minted a whopping …
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