Tether prints $1 billion new, helping Bitcoin rise to $73,000
Tether has turned its old resistance into support while USDT's market capital continues to Growing rapidly in 2024.
The world's largest stablecoin
- Tether's USDT, has printed an additional $1 billion,
- Bringing its market capitalization above $110 billion
- which could spur the next move Bitcoin is likely to reach new levels.
Will more USDT boost Bitcoin's price?
Tether's treasury printed $1 billion in USDT in recent hours, bringing the year's total to $31 billion.
The newly printed USDT was a major reason why the price of Bitcoin rose from $27,000 to $73,000, According to a post from Lookonchain dated May 17.
Tether could also
directly contribute to the rise in the price of Bitcoin.
The company announced that it will invest 15%From its net profits in Bitcoin to diversify stablecoin support assets.
Tether acquired 8,888 bitcoins on March 31
worth $618 million, making the issuing company The seventh-largest Bitcoin-bearing stablecoin in the world, according to Bitinfocharts.
Tether wallets currently contain more than 78,317 bitcoins, worth over $5.18 billion, One year after announcing its plan to diversify into Bitcoin
At the same time
Bitcoin price movement depends heavily on institutional flows into Bitcoin exchange-traded funds Spot exchange-traded (ETFs). Data from Dion monitored that ETF funds for Bitcoin In the United States, it witnessed its second week of positive net flows
Cumulative net
flows have reached more than $200 million so far.
- Institutional flows from ETF
- funds have been an important part of
- Bitcoin's current rise to new record highs.
By February 15, Bitcoin ETFs accounted for about 75 percent of new investments in the world's largest digital currency With it exceeding the $50,000 level.
Bitcoin Explosion Confirmation
Daily Chart Bitcoin's price movement for the May 16 explosion has been confirmed on the daily chart, where the price appears to be $65,000 It acts as a powerful support for Bitcoin, according to TradingView.
Another positive sign
- for investors is that Bitcoin has turned its old resistance into support on
- the drawing Monthly chart, according to a May 16 post
- by renowned cryptocurrency analyst Rect Capital.
However
Bitcoin could still see a temporary correction of less than $63,500 before the mark is restored Psychological $70,000, according to ScorehoodAI's AI-based prediction algorithm, Written in an article dated May 16:
“Now it's time for a temporary correction to around $63,000 – $63,500 for Bitcoin! Once $65,000 is back and on the way to $70,000+, this will be a healthy correction to liquidate greedy, high-leverage traders!”
Correcting Bitcoin to less than
$63,500 will liquidate more than $1.76 billion in long positions Leveraged Murabaha, according to Coinglass data. The liquidation will amount to $1.87 billion under the $63,000 mark