CandleFocus Tether Mints Another 1.2 Billion USDT: Could This Trigger a Bitcoin Price Shift?
2024-09-16
Author: Content Editor
In the past 10 hours, Tether has created a large number of its popular stablecoin, USDT. On September 16, 2024, Tether minted 1 billion USDT, followed by two additional mints of 100 million USDT each. These operations have attracted attention due to their timing in conjunction with significant fluctuations in the cryptocurrency market. USDT is issued by Tether and affiliated with Bitfinex, and the latest batches were transferred to Bitfinex and the Tron blockchain. The creation of new USDT is often done to meet increased demand on cryptocurrency trading platforms. The timing of these mints is often associated with changes in the price of Bitcoin, and previous cases have shown a correlation between the printing of USDT and upward movement in Bitcoin's price. This suggests that the creation of large volumes of USDT may stimulate increased trading and provide traders with liquidity in the market. iFinex's management of Tether and Bitfinex indicates a focus on supporting market liquidity.
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