CandleFocus Market May Move Up as Tether Mints $1B USDT on Ethereum
2024-09-16
Author: Content Editor
Tether, the leading stablecoin, has minted $1 billion USDT on the Ethereum network, bringing the total amount of authorized USDT on Ethereum to $54.981 billion. However, Tether's CEO clarified that the funds have not been released into circulation yet. The influx of USDT into the market has been significant, with $3.65 billion sent in over the past 30 days, which is reminiscent of a similar surge during Bitcoin's previous all-time high. This suggests that investors may be expecting a price uptick and are preparing to acquire more cryptocurrencies. Despite this, the overall crypto market has been declining, with the global market cap decreasing by 3.32% in the past 24 hours. Bitcoin is currently trading at $58,101.
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