{"id":608683,"date":"2024-05-18T13:00:02","date_gmt":"2024-05-18T13:00:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=608683"},"modified":"2024-06-11T07:01:00","modified_gmt":"2024-06-11T07:01:00","slug":"tether-adds-fresh-1-billion-usdt-to-supply-bitcoin-to-rally-again","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/tether-adds-fresh-1-billion-usdt-to-supply-bitcoin-to-rally-again\/","title":{"rendered":"Tether Adds Fresh $1 Billion USDT To Supply &#8211; Bitcoin To Rally Again?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>, Bitcoin rose by 2.9% on Friday to trade above $67,000 for the first time since April 24. This positive price performance by the maiden cryptocurrency has been attributed to the<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-rise-above-66000\/\" target=\"_blank\" rel=\"noopener \"> low inflation levels<\/a> reported in the latest Consumer Price Index (CPI) data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Bitcoin is an asset subject to the influence of several forces. According to a report by blockchain analysis platform LookonChain, BTC may soon experience another price rally following an increase in the supply of a specific stablecoin.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/unstoppable-bitcoin-cryptoquants-ceo-foresees-bull-run-extending-to-2025\/\" target=\"_blank\" rel=\"noopener \">Unstoppable Bitcoin? CryptoQuant\u2019s CEO Foresees Bull Run Extending To 2025<\/a><span style=\"font-weight: 400\">\u00a0<\/span><\/div>\n<h2><span style=\"font-weight: 400\">Can USDT Replicate Surging Effect On Bitcoin?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In an <a href=\"https:\/\/x.com\/lookonchain\/status\/51478418\" target=\"_blank\" rel=\"noopener nofollow\">X post<\/a> on Friday, LookonChain reported that the Tether Treasury has minted an additional 1 billion USDT indicating a consistent rising demand for the stablecoin. USDT which ranks as the third largest cryptocurrency doubles as the most dominant stablecoin in the crypto space with a market cap value of $111.25 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The USDT token has famously recorded much growth in the last year with over 31 billion new tokens minted on the Tron and Ethereum network. Interestingly, LookonChain reveals that this rise in USDT market share contributed significantly to Bitcoin\u2019s ascent from $27,000 to $73,000 in the past fifteen months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The theory behind this relationship stems from an increase in traders&#8217; liquidity provided by investments in USDT.\u00a0 This increased market liquidity can alter the status of Bitcoin\u2019s supply and demand and oftentimes lead to a rise in BTC\u2019s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the most recent 1 billion USDT minted by the Tether Treasury,\u00a0 most investors and spectators could be expecting a similar boosting effect on Bitcoin\u2019s price, especially with the crypto bull season in play.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Bitcoin\u2019s price in the coming months is still likely to be influenced by other factors such as the BTC spot exchange-traded fund (ETF) market. According to <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"noopener nofollow\">data from SoSoValue,<\/a> net inflows on Friday reached $177.01 million bringing the total value of the Bitcoin spot ETF market to $12.58 billion. <\/span><span style=\"font-weight: 400\">As <a href=\"https:\/\/bitcoinist.com\/morgan-stanleys-bitcoin-etf-position-exposed\/\" target=\"_blank\" rel=\"noopener nofollow\">more major traditional finance players<\/a> gain a piece of this novel market, Bitcoin is expected to experience monumental levels of demand which will translate into weighty price gains.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-whales-quiet-down-heres-why-and-what-it-means-for-the-market\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Whales Quiet Down \u2013 Here\u2019s Why And What It Means For The Market<\/a><\/div>\n<h2><span style=\"font-weight: 400\">BTC Price Overview<\/span><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin was trading at $66,853, reflecting a 9.64% gain in the last week. The crypto market leader is currently in a consolidation state as it gathers momentum to break past the 67,000 resistance zone.\u00a0<\/span><\/p>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">Bitcoin is likely to remain the \u201cdiamond\u201d of the crypto bull season for many investors based on historical price data. However, there remains a need for proper research by all investors and traders before engaging the market.\u00a0<\/span><\/p>\n<figure style=\"width: 1479px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/oAy7sojl\/\" alt=\"Bitcoin\" width=\"1479\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $66,888.28 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from The Independent, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to data from CoinMarketCap, Bitcoin rose by 2.9% on Friday to trade above $67,000 for the first time since April 24. This positive price performance by the maiden cryptocurrency has been attributed to the low inflation levels reported in the latest Consumer Price Index (CPI) data.\u00a0 However, Bitcoin is an asset subject to the influence of several forces. According to a report by blockchain analysis platform LookonChain, BTC may soon experience another price rally following an increase in the supply of a specific stablecoin. Related Reading: Unstoppable Bitcoin? CryptoQuant\u2019s CEO Foresees Bull Run Extending To 2025\u00a0 Can USDT Replicate Surging Effect On Bitcoin?\u00a0 In an X post on Friday, LookonChain reported that the Tether Treasury has minted an additional 1 billion USDT indicating a consistent rising demand for the stablecoin. USDT which ranks as the third largest cryptocurrency doubles as the most dominant stablecoin in the crypto space with a market cap value of $111.25 billion.\u00a0 The USDT token has famously recorded much growth in the last year with over 31 billion new tokens minted on the Tron and Ethereum network. Interestingly, LookonChain reveals that this rise in USDT market share contributed significantly to Bitcoin\u2019s ascent from $27,000 to $73,000 in the past fifteen months. The theory behind this relationship stems from an increase in traders&#8217; liquidity provided by investments in USDT.\u00a0 This increased market liquidity can alter the status of Bitcoin\u2019s supply and demand and oftentimes lead to a rise in BTC\u2019s price.\u00a0 Following the most recent 1 billion USDT minted by the Tether Treasury,\u00a0 most investors and spectators could be expecting a similar boosting effect on Bitcoin\u2019s price, especially with the crypto bull season in play.\u00a0 However, Bitcoin\u2019s price in the coming months is still likely to be influenced by other factors such as the BTC spot exchange-traded fund (ETF) market. According to data from SoSoValue, net inflows on Friday reached $177.01 million bringing the total value of the Bitcoin spot ETF market to $12.58 billion. As more major traditional finance players gain a piece of this novel market, Bitcoin is expected to experience monumental levels of demand which will translate into weighty price gains. Related Reading: Bitcoin Whales Quiet Down \u2013 Here\u2019s Why And What It Means For The Market BTC Price Overview At the time of writing, Bitcoin was trading at $66,853, reflecting a 9.64% gain in the last week. The crypto market leader is currently in a consolidation state as it gathers momentum to break past the 67,000 resistance zone.\u00a0 Bitcoin is likely to remain the \u201cdiamond\u201d of the crypto bull season for many investors based on historical price data. However, there remains a need for proper research by all investors and traders before engaging the market.\u00a0 Featured image from The Independent, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":608686,"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":[92322,428,1144,78790,4100,10263,92321],"class_list":["post-608683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-billlion-usdt","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-tether","tag-usdt","tag-usdt-supply"],"acf":[],"yoast_head":"\n<title>Tether Adds Fresh $1 Billion USDT To Supply, Bitcoin To Rally Again?<\/title>\n<meta name=\"description\" content=\"Bitcoin may soon experience another price rally following an increase in the supply of a specific stablecoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/tether-adds-fresh-1-billion-usdt-to-supply-bitcoin-to-rally-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether Adds Fresh $1 Billion USDT To Supply, Bitcoin To Rally Again?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin may soon experience another price rally following an increase in the supply of a specific stablecoin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/tether-adds-fresh-1-billion-usdt-to-supply-bitcoin-to-rally-again\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-18T13:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:01:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/bitcoin-price-bull-run-2023.jpg?fit=1822%2C1368\" \/>\n\t<meta property=\"og:image:width\" content=\"1822\" \/>\n\t<meta property=\"og:image:height\" content=\"1368\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/tether-adds-fresh-1-billion-usdt-to-supply-bitcoin-to-rally-again\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/tether-adds-fresh-1-billion-usdt-to-supply-bitcoin-to-rally-again\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Tether Adds Fresh $1 Billion USDT To Supply &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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