Key Points
- Tether minted 2 billion USDT today, following another 5 billion USDT minted lately.
- Tether’s latest moves are bullish for Bitcoin and the crypto market.
The Tether Treasury has minted a significant amount of USDT lately, suggesting that massive amounts of funds are about to flow into the crypto market.
On-chain data shows that earlier today, Tether minted 2 billion USDT, a move that comes following the previous minting of another 5 million USDT during the last few days.
Tether Treasury Minted 7 Billion USDT in 6 Days
According to data revealed via X by Lookonchain, before today’s minting, Tether Treasury has minted 1 billion USDT on November 13, 2 billion USDT three days ago, 1 billion USDT four days ago, and another billion USDT four days ago.
Tether Treasury’s latest moves mirror the fact that significant amounts of funds are pumped into the crypto market, signaling upcoming bullish moves.
Multiple Catalysts for the Crypto Market’s Ascendant Trajectory
The crypto market had a strong upward trajectory following the November 5 US elections, which debuted in full force the next day when the election results came in.
The bullish moves continued, sending Bitcoin to new ATHs, fueled by market optimism stemming from the upcoming changes in Washington and the prospect of the US creating a Strategic Bitcoin Reserve.
Also, the Fed’s latest 25 bps rate cuts from last week fueled the price rally even more, along with continued inflows in US BTC ETFs and this week’s CPI October report.
Another factor contributing to the upward momentum for crypto in the last few days was the massive memecoin frenzy.
Multiple memecoins have seen their prices rising sharply including PNUT, PEPE, and others, introducing new funds in the market.
Data from CoinGecko shows that the market cap of the memecoin sector is up by over 9%, rising above $126.6 billion in the past 24 hours, and the trading volume surpassed $95.5 billion.
Bitcoin $100,000 Predictions
Optimistic predictions see Bitcoin hitting $100,000 sooner than expected, considering all the factors mentioned above which are aligning to create the most bullish scenery for Bitcoin and the crypto industry.
and when this happens, FOMO will reach the options market which will most likely trigger a surge in the IV, according to Greeks.live.
At the moment of writing this article, BTC is trading above $91,000, up by over 3% in the past 24 hours. Yesterday, BTC reached a new ATH at $93,400, injecting the market with more optimism.
