{"id":523323,"date":"2023-03-15T19:28:02","date_gmt":"2023-03-15T19:28:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=523323"},"modified":"2023-03-16T05:48:11","modified_gmt":"2023-03-16T05:48:11","slug":"tether-its-impact-on-ethereum","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/tether-its-impact-on-ethereum\/","title":{"rendered":"Tether: How Its $2 Billion USDT Minting Impacts Ethereum’s Success In The Bull Market"},"content":{"rendered":"

Despite recent negative developments in the crypto market, the sentiment seemed to be somehow bullish as Tether, its stablecoin and some major cryptos show resilience in the past couple of days.<\/span><\/p>\n

The <\/span>collapse<\/span><\/a> of major banks has significantly impacted the stablecoin market, with Circle’s USDC <\/span>suffering<\/span><\/a> a depeg causing smart money to flee USDC in favor of other stablecoins.\u00a0<\/span><\/p>\n

Tether is benefiting from the chaos in the USDC market with the organization minting more than $2 billion on both the Ethereum and Tron blockchains. <\/span><\/p>\n

WhaleAlert<\/span><\/a>, a crypto wallet tracker, recently took notice of the mint 15 hours ago. With capital flight already happening on USDC<\/span> markets, Tether’s recent minting would drive up demand for the stablecoin.<\/span><\/p>\n

Tether Minting: What Does This Mean For Ethereum?<\/strong><\/h2>\n

The minting of stablecoins on the Ethereum blockchain is a move by Tether which is expecting demand to rise for USDT. <\/span><\/p>\n

According to <\/span>Nansen.ai<\/span><\/a>, stablecoin diversification is happening after the subsequent collapses of Silvergate, Silicon Valley Bank, and Signature Bank.\u00a0<\/span><\/p>\n

Tether\u2019s recent minting could give the top altcoin a much-needed shot in the arm in price in the medium to long term.<\/span><\/p>\n

\"\"Image: Binance Academy<\/pre>\n
<\/div>\n
Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion<\/a><\/div>\n
According to <\/span>CoinGecko<\/span><\/a>, Ethereum is up more than 2% in the daily timeframe. Although comparatively smaller than yesterday\u2019s price movement, it is a welcome addition for investors to pad their portfolios.\u00a0<\/span><\/p>\n
USDT, on the other hand, is still the undisputed king in the stablecoin market. CoinGecko\u2019s recent <\/span>stablecoin market research<\/span><\/a> shows that USDT’s market dominance grew by 2.3% in January to 49%.\u00a0<\/span><\/p>\n
On Stagnation And Rejection<\/strong><\/h2>\n
The top altcoin is currently trading on the red candle, possibly signaling the start of profit-taking activities in the short to medium term. If the bulls can overcome the selling pressure that is present with high prices, the altcoin can retest the $1,778.99 resistance. <\/span><\/p>\n
A breakthrough on the latter can push prices to test $1,828 in the medium term.\u00a0<\/span><\/p>\n
With more USDT present in the market and a possibility of higher market dominance, ETH\u2019s attractiveness grows for investors. However, this is still speculation as there is an equal chance for the coin to drop.\u00a0<\/span><\/p>\n
The current market value of Ethereum is sitting at $1,700, however, the price is currently facing significant resistance near the $1,710 level.<\/p>\n
\"\"ETH price chart. Source: TradingView<\/pre>\n
Despite this, if Ethereum manages to break through this level of resistance, it could potentially expose the ETH price towards the $1,800 mark, which would indicate a bullish trend.<\/p>\n
As investors await the release of US CPI and retail sales data, they will also be closely monitoring Ethereum’s price movement. Currently, Ethereum’s immediate support levels are at $1,600 or $1,495, on the lower side.<\/p>\n
<\/p>\n
ETH total market cap currently at $201 billion on the daily chart | Chart: TradingView<\/a><\/pre>\n
Related Reading: Bitcoin Falls Back To $24,000 After Briefly Topping $26K \u2013 Will BTC Backpedal Further?<\/a><\/div>\n
The outcome of the US CPI and retail sales data release will likely have a significant impact on the overall market sentiment. Should the data indicate positive trends, it could potentially boost investor confidence and lead to a surge in the price of Ethereum.<\/p>\n
Conversely, negative results could result in a decline in Ethereum’s value, potentially pushing it towards its immediate support levels.<\/p>\n
-Featured image from HappyCoin<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Despite recent negative developments in the crypto market, the sentiment seemed to be somehow bullish as Tether, its stablecoin and some major cryptos show resilience in the past couple of days. The collapse of major banks has significantly impacted the stablecoin market, with Circle’s USDC suffering a depeg causing smart money to flee USDC in favor of other stablecoins.\u00a0 Tether is benefiting from the chaos in the USDC market with the organization minting more than $2 billion on both the Ethereum and Tron blockchains. WhaleAlert, a crypto wallet tracker, recently took notice of the mint 15 hours ago. With capital flight already happening on USDC markets, Tether’s recent minting would drive up demand for the stablecoin. Tether Minting: What Does This Mean For Ethereum? The minting of stablecoins on the Ethereum blockchain is a move by Tether which is expecting demand to rise for USDT. According to Nansen.ai, stablecoin diversification is happening after the subsequent collapses of Silvergate, Silicon Valley Bank, and Signature Bank.\u00a0 Tether\u2019s recent minting could give the top altcoin a much-needed shot in the arm in price in the medium to long term. Image: Binance Academy Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion According to CoinGecko, Ethereum is up more than 2% in the daily timeframe. Although comparatively smaller than yesterday\u2019s price movement, it is a welcome addition for investors to pad their portfolios.\u00a0 USDT, on the other hand, is still the undisputed king in the stablecoin market. CoinGecko\u2019s recent stablecoin market research shows that USDT’s market dominance grew by 2.3% in January to 49%.\u00a0 On Stagnation And Rejection The top altcoin is currently trading on the red candle, possibly signaling the start of profit-taking activities in the short to medium term. If the bulls can overcome the selling pressure that is present with high prices, the altcoin can retest the $1,778.99 resistance. A breakthrough on the latter can push prices to test $1,828 in the medium term.\u00a0 With more USDT present in the market and a possibility of higher market dominance, ETH\u2019s attractiveness grows for investors. However, this is still speculation as there is an equal chance for the coin to drop.\u00a0 The current market value of Ethereum is sitting at $1,700, however, the price is currently facing significant resistance near the $1,710 level. ETH price chart. Source: TradingView Despite this, if Ethereum manages to break through this level of resistance, it could potentially expose the ETH price towards the $1,800 mark, which would indicate a bullish trend. As investors await the release of US CPI and retail sales data, they will also be closely monitoring Ethereum’s price movement. Currently, Ethereum’s immediate support levels are at $1,600 or $1,495, on the lower side. ETH total market cap currently at $201 billion on the daily chart | Chart: TradingView Related Reading: Bitcoin Falls Back To $24,000 After Briefly Topping $26K \u2013 Will BTC Backpedal Further? The outcome of the US CPI and retail sales data release will likely have a significant impact on the overall market sentiment. Should the data indicate positive trends, it could potentially boost investor confidence and lead to a surge in the price of Ethereum. Conversely, negative results could result in a decline in Ethereum’s value, potentially pushing it towards its immediate support levels. -Featured image from HappyCoin<\/p>\n","protected":false},"author":557,"featured_media":523327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1557,1946,3505,4100,10263],"class_list":["post-523323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrencies","tag-ethereum","tag-price-analysis","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nTether: How Its $2- USDT Minting Impacts Ethereum's Success<\/title>\n<meta name=\"description\" content=\"Despite recent negative developments in the crypto market, the sentiment seemed to be somehow bullish as Tether, its stablecoin and some major cryptos\" \/>\n<meta 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tether: How Its $2 Billion USDT Minting Impacts Ethereum’s Success In The Bull Market","url":"http:\/\/uniquehot.com\/news\/tether-its-impact-on-ethereum\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/tether-its-impact-on-ethereum\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Tether.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Tether.png?fit=750%2C410"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["cryptocurrencies","ethereum","price analysis","tether","usdt"],"dateCreated":"2023-03-15T19:28:02Z","datePublished":"2023-03-15T19:28:02Z","dateModified":"2023-03-16T05:48:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tether: How Its $2 Billion USDT Minting Impacts Ethereum’s Success In The Bull Market\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/tether-its-impact-on-ethereum\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/tether-its-impact-on-ethereum\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Tether.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Tether.png?fit=750%2C410\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"cryptocurrencies\",\"ethereum\",\"price analysis\",\"tether\",\"usdt\"],\"dateCreated\":\"2023-03-15T19:28:02Z\",\"datePublished\":\"2023-03-15T19:28:02Z\",\"dateModified\":\"2023-03-16T05:48:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Tether.png?fit=750%2C410","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/523323"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=523323"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/523323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/523327"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=523323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=523323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=523323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}