Tether Mines Extra Billion USDT, While Bitcoin (BTC) Stuck at Critical Crossroads
as reported by whale alertThe issuer of Tether, one of the most sought-after stable coins, has printed an additional billion USDT. Issuance resumed after a three-month break, when Tether began actively building up supply of stablecoins again on July 29.
1,000,000,000 #USDT (1,001,883,610 USD) mined at Tether Treasuryhttps://t.co/J7058h3uuw
— Whale Alert (@whale_alert) 3 August 2022
Many analysts and crypto enthusiasts believe that the increasing supply of stablecoins is a bullish sign for the crypto market. For example, according to the head of Binance, Changpeng Zhao or simply CZ, the increasing supply of stablecoins is bullish for the cryptocurrency in the long term, as it is the money that is waiting “on the fence” and for a future rally. Potential powder. ,
Will Clemente, Blockware analyst and well-known crypto expert, looked at it from a slightly different perspective. In his opinion, the less stablecoins on the market, the better, because over-supply combined with a lack of buyers can lead to a downtrend in the crypto market. At the same time, according to Clemente’s model, if the amount of stable coins in circulation starts decreasing, it will indicate the growth of crypto assets. However, it is important to clarify that even within their analysis, experts agree with CZ regarding the presence of a large number of stablecoins.
Current status of the crypto market
All eyes were on Nancy Pelosi’s flight yesterday. For Udaan, the market was falling, as no one knew the outcome. However, her successful landing brought positive news. The crypto market started its rise with the S&P 500 Index based on good news. Bitcoin is forming in an upward channel. The resistance level remains unchanged – $23,600-24,000.