Tether Injects Almost $2 Billion in the Crypto Market
07.11.2024 13:30 1 min. read Alexander Stefanov
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.
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