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Tether mints another $1B — Last time, it helped Bitcoin climb to $73K
Bitcoin has flipped its old resistance into support as USDT’s market cap continues to grow rapidly in 2024.
Tether’s USDT
USDT
the world’s largest stablecoin, has minted another $1 billion, bringing its market capitalization above $110 billion, which could catalyze Bitcoin’s
next move to new all-time highs.
Will more USDT boost Bitcoin’s price?
Tether’s treasury has minted $1 billion worth of USDT during the past 24 hours, bringing its yearly total to $31 billion.
The newly minted USDT was a big reason why Bitcoin price climbed from $27,000 to $73,000, according to a May 17 post from Lookonchain:
Tether could also directly contribute to Bitcoin’s rally. The company said it would invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets.
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