Within a single day, Tether infused $2 billion USDT into the cryptocurrency market, igniting considerable attention among community members.
Analysts speculate that this move could pave the way for a surge in altcoins, potentially leading to new record highs.
Tether’s Recent $2 Billion USDT Injection Sparks Bullish Sentiment
Prominent stablecoin issuer Tether has recently continued its trend of minting staggering billion-dollar sums, stirring up further excitement in the cryptocurrency sphere. According to Whale Alert reports on Saturday, a total of 1,000,000,000 USDT was freshly minted at the Tether Treasury. Remarkably, within just three minutes of this announcement, another $1 billion USDT minting from Tether was disclosed.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (999,020,000 USD) minted at Tether Treasuryhttps://t.co/sGbgwYu7E4
— Whale Alert (@whale_alert) March 9, 2024
A whopping $2 billion was injected into the crypto market in just 24 hours, grabbing the community’s attention. Both announcements got a lot of interest, with each tweet getting over a million views.
People in the community are feeling very optimistic about this news. Many expect big gains not just for Bitcoin but for the whole crypto market because of this $2 billion injection.
Tether CEO Paolo Ardoino also stepped in to clear things up. He explained that although the transaction was approved, the $2 billion USDT hadn’t been sent out yet. Ardoino stressed that this huge amount would be kept in reserve for future use.
Tether’s Ongoing USDT Injections: Bullish Sentiment and Market Analysis
One enthusiastic commentator, Exponential Research, highlighted the frequency of Tether’s recent billion-dollar injections, noting that it has only been one day since the last billion and five days since the one before. They view this as “extremely bullish” for the crypto market, suggesting a significant uptick in demand for spot buying of crypto or as collateral for purchasing crypto on leverage. They predict that this upward trajectory will persist until substantial flows cease.
The #Altcoin market capitalization still needs to gain 70% to get towards the high of the previous cycle.
The Altcoins are lagging behind, so the obvious play would be that we're seeing a short-term correction and, from there, altcoins to surge. pic.twitter.com/DsE9INeBD0
— Michaël van de Poppe (@CryptoMichNL) March 9, 2024
Renowned analyst Michaël van de Poppe contributed to the discussion by pointing out that the altcoin market capitalization needs to increase by 70% to reach the previous cycle’s peak. He shared this sentiment amidst Bitcoin breaking an all-time high (ATH) above $70k, observing that altcoins are currently lagging behind Bitcoin. However, he anticipates a short-term correction in the market, after which altcoins are expected to surge to a new ATH.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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