In an outstanding liquidity inclusion into the crypto market, Tether has minted another amount of $USDT. As per Spot On Chain, a well-known on-chain analytics firm, this $USDT minting on the Tron and Ethereum networks fuels the unprecedented rise of Bitcoin to record highs. The analytics platform took to social media to offer insights into this development.
Tether minted another 2B $USDT on #Ethereum and #Tron an hour ago!In the past 8 days, Tether has minted a total of 8B $USDT. Of these funds, 6.067B $USDT has been injected into the crypto market, backing #Bitcoin to rise above $93,000—a new all-time high.Follow @spotonchain… https://t.co/hsdqBkU9y4 pic.twitter.com/oYqIMhoufR
— Spot On Chain (@spotonchain) November 14, 2024
Tether Mints $USDT, Adding Another $2B into the Market to Fuel Bitcoin’s Surge to $93,000
Spot On Chain pointed out that this massive stablecoin inflow in the form of $USDT fortifies Bitcoin’s position. It may reportedly lead the top crypto asset to surge above $93,000 as its new all-time high price level. The recent mints of Tether have been a part of a plan, with big amounts being credited to top exchanges.
Formerly on November 10, the minting of 4B $USDT tokens on Tron and Ethereum led to the dissemination of 3.44B $USDT to exchanges. Binance obtained a significant part of the respective allocations, receiving 1.75B $USDT. Subsequently, Coinbase got 770.8M $USDT. The respective injection has a straight correlation with the overall market spikes. Bitcoin touched $77,200 following a pause for 239 days. Additionally, Ethereum jumped back to $3,100, highlighting a 29% increase following a 3-month lull.
The New $USDT Liquidity Serves as a Key Factor Backing the Price Trends in the Market
This pattern of $USDT minting goes in line with Ethereum’s rebound and Bitcoin’s upward trajectory. Thus, it suggests that the stablecoin liquidity keeps influence as a decisive factor in backing the price trends across the market. According to Spot On Chain, this heightened $USDT liquidity aligns with an increasing buying pressure on exchanges, raising demand for crypto assets like $ETH and $BTC. Hence, the market onlookers continue to watch for Tether’s issuance in the future as a driving force behind the current bullish momentum.
