One of the most traded cryptocurrencies, Tether is once again in the spotlight because of its recent minting of 3 billion USDT, the information was first reported by Lookonchain, a blockchain analysis firm.
In an X post dated November 24, 2024, Lookonchain wrote that “Tether minted another 3 billion USDT’s,” and the minted chunk was transferred to the company’s treasury wallet.
It is worth noting that this is not the first time when it minted USDT’s in the ongoing month, since the beginning of November 2024 till writing Tether has minted $13 billion.
Due to a surge in trading volume and minting, Tether remains controversial, and dozens of times it has been argued that it lacks auditing and probably does not have appropriate reserve compared to the Tether’s in circulation.
Tether Eyeing a Big Spot in the Vast Crypto Market!
In the past few years, Tether has expanded its business in dozens of nations, most recently it partnered with the UAE government to launch dirham-backed stablecoin, solely pegged to the value of the national currency of the United Arab Emirates.
Over time it has faced severe allegations of illicit trading and others, but with its credibility among investors and holders, it proved things wrong. In the entire cryptocurrency market, it is one of the most traded crypto with a trading volume of $161.03 billion.
Some available data states that USDT has recorded its highest trading volume on the day when China fully banned cryptocurrencies and related activities.
During the early phase of the Israel and Hamas war, it was reported that a significant amount of funds in USDT was transferred between the borders of the nations to fund war and other related operations.
Earlier this month it was reported that Tether joined hands with Chainalysis, a blockchain intelligence and security firm, to improve security in order to get rid of the allegations.
Crypto Market Price Updates
Until publishing, the recorded market capitalization of the entire cryptocurrency market was $3.38 trillion, at the same time the fear and greed index was at 87 determining extreme greediness in the sentiments and almost all tokens/ coins that surged in terms of prices had been overbought.
Bitcoin was trading at $98.755, above 20, 50, 100, and 200-day exponential moving averages. Since its origin till writing its highest recorded trading price is $99,655 recorded on November 23, 2024, and its market capitalization is nearing the mark of $2 trillion, currently standing at $1.95 trillion.
After the recent spike in prices of Bitcoin, Ethereum, and some other cryptos, a sudden awakening in some old wallets and addresses has been reported, and several giants have made millions and even billions by selling their holdings at greater prices.
However prices of Ether remain less progressive, but it registered a spike of 41 percent in the past 30 days and at the time of publication it was trading at $3,479. Its prices are currently above the 20, 50, 100, and 200-day exponential moving average.
