Tether minted another $1 billion of USDT on the Tron blockchain, as indicated by Lookonchain’s on-chain information.
One billion dollars of USDT moved from Tether’s MultiSig Wallet into the Tether Treasury, and another billion shifted from a Black Hole Address to the MultiSig Wallet.
High interest among traders and analysts has arisen due to the timing of the mint. In a recent tweet, Lookonchain highlighted that the price of Bitcoin increased significantly after the minting of 2 billion USDT on May 21. On the day following the mint, Bitcoin surpassed $111K to set a new record.
Historical Impact on Bitcoin Price
It is becoming increasingly clear how Tether minting affects Bitcoin’s value. As clearly shown on the chart from Lookonchain via Coingecko, the minting of 2B USDT on May 21 occurred just as Bitcoin’s price increased drastically. The price maneuvers of Bitcoin were noticed after the mint on June 9, whereby its price rose suddenly to reach $105,927 with a 0.6% jump in the past 24 hours.
The 24-hour trading volume for Bitcoin is $19.86 billion, and its market cap goes beyond $2.1 trillion. The market price is currently set in a range from $105,112 to $106,365, pointing to an increase in trading and new liquidity.
Speculation Rises Ahead of Possible Bitcoin Rally
Time will tell if history will repeat as the market participants watch eagerly. When the latest mint took place, it spurred a rally. Now, many think that the new USDT mint may again give a boost to cryptocurrencies. Any sharp increase in stablecoins can influence Bitcoin since stablecoins will no longer be limited by a restricted supply.
As the markets await the reaction of Bitcoin to the recent USDT mint, traders are focusing their attention on its future movement.
