Top stablecoin issuer Tether recently released an influx of 1.845 billion USDT on the Ethereum blockchain, possibly fueling Bitcoin’s sharp price increase to a new all-time high.
Spot On Chain, a blockchain analytics platform, reported on social media that Tether initially minted 2 billion USDT on Ethereum before removing 1 billion USDT from circulation on the Tron network, a blockchain designed for decentralized apps.
The breakdown of Tether’s recent USDT injections includes $1.706 billion sent to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. In the last year, Tether has issued around $37 billion USDT across Ethereum and Tron, which seems to have influenced Bitcoin’s price, lifting it from $35.6K to its new high of $76,460.
Tether’s Impact on Bitcoin Spot On Chain previously noted that large USDT issuances often correlate with upward momentum or stability in Bitcoin’s price, suggesting Tether’s recent moves contributed to Bitcoin’s 9% price surge on November 6.
According to CoinMarketCap, Bitcoin is now trading at $75,000, with a $1.485 trillion market cap and a 24-hour trading volume of $74 billion.
Digital asset investment products recorded $1.04 billion in inflows last week, pushing total assets under management (AuM) to a record high of $188 billion, according to the latest report from CoinShares.
The U.S. Securities and Exchange Commission (SEC) is reportedly expediting the review process for spot Solana (SOL) exchange-traded funds, pushing issuers to submit amended S-1 filings by the end of July.
Strategy, the Bitcoin-centric firm formerly known as MicroStrategy, has temporarily paused its regular Bitcoin purchases.
Bonk (BONK) has gone up by 9% in the past 24 hours and currently sits at $0.00002330 after Binance.US shared a cryptic X post that mentioned the token. On Sunday afternoon, the exchange shared a picture of its logo hitting its head with a bat – a clear reference to the viral meme that inspired […]