New Bitcoin (BTC) surge leads to the minting of half a billion USDT

New Bitcoin (BTC) surge leads to the minting of half a billion USDT
фото показано с : invezz.com

2020-10-22 11:31

Recently, PayPal announced that it will soon introduce crypto buying and selling as part of its platform, which caused a large BTC surge that finally allowed the coin to go beyond $12k. Not only that, but BTC also nearly reached $13.2k, before seeing a correction that took it back down to the $12.7k level. This massive surge also resulted in almost half a billion USDT being minted.

Tether mints massive USDT amount after BTC price surge

According to recent data, the Tether Treasury recently minted about half a billion new USDT coins, 185 million of which ended up distributed to various exchanges in the last day and a half.

A well-known blockchain tracker, Whale Alert, also noticed and reported two major transactions that took place on October 20th (150 million USDT) and October 21st (300 million USDT). The first amount was printed only a few hours before PayPal announced that it will add crypto support. In other words, that one came just before Bitcoin’s price surged.

With Tether’s controversial history, many immediately started claiming that the project is once again engaging in market manipulation. However, the company’s CTO, Paolo Adoino, identified both transactions as simple inventory replenishes for the TRON network.

Where did the funds go?

With USDT minting often accompanying large BTC price changes over the years, it is not surprising that so many have questioned them. However, it could be argued that the Treasury is simply responding to demand.

After the project minted 150 million USDT yesterday, there were as many as 15 massive transactions that went from the Treasury, carrying a total of 185.9 million coins. They ended up reaching numerous addresses, some of which belonged to major exchanges like Huobi and Bitfinex. A few even reached unknown addresses. However, the large majority of the funds (around 126.9 million, or 70% of the funds) ended up on Binance.

At the moment, the Treasury’s wallet holds only around 280 million, as the last transaction took place only an hour after the second round of minting was over.

The post New Bitcoin (BTC) surge leads to the minting of half a billion USDT appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 76138.63 (+0.19%)
Объем 24H $58.94b
Изменеия 24h: 1.64 %, 7d: 9.46 %
Cегодня L: $75545.13 - H: $76678.74
Капитализация $1505.969b Rank 1
Цена в час новости $ 13045.43 (483.64%)

btc surge allowed coin finally platform caused

Источник: invezz.com

btc surge → Результатов: 126


Фото:

$700: Analysts Expect Ethereum to See a Massive Surge as ETH 2.0 Rollout Nears

Ethereum has been closely tracking Bitcoin over the past few days and weeks This has caused the cryptocurrency to see some turbulence as of late, with news regarding the OKEx founder being arrested sending BTC and ETH reeling lower This decline was short-lived, and bulls were able to rapidly step up and begin absorbing this selling pressure Analysts are now noting that upside could be imminent for the market, and ETH could see some serious […]

2020-10-17 23:00


Фото:

Here’s Why One Analyst Expects Bitcoin to Surge Towards $12,000

Bitcoin and the entire crypto market aren’t providing investors with much clarity into their near-term outlooks BTC is in the process of battling the headwinds created by the ongoing turbulence within the stock market This turbulence has come about as a result of a lack of progress surrounding the second stimulus package If the White House and Congress fail to come to terms with an agreement, then the stock market may continue seeing immense selling […]

2020-10-16 02:00


Фото:

Analyst: Breaking This One Level Could Send Bitcoin to $14,000+

Bitcoin’s price has been consolidating in the time following its strong surge up to highs of $11,400 The cryptocurrency has yet to revert any of these gains and appears to be gearing up for another big push higher Where the market trends next will likely depend on BTC, as it has been firmly guiding the altcoin crypto market One analyst is now noting that Bitcoin could soon see a move to over $14,000, but he […]

2020-10-11 19:00


Negative Funding Could Act as a Launchpad for a Massive Bitcoin Rally

Bitcoin’s recent consolidation phase has come about concurrently with traders stacking up on short positions This indicates that they expect the turbulence within the traditional markets to continue suppressing BTC’s price action, potentially leading it lower in the weeks ahead That being said, this has caused negative funding rates to surge as of late, making it costly to be short Historically, funding rates – when slanted towards one direction for extended periods – work as […]

2020-10-6 02:00


Bitcoin’s Momentum Stalls, But Negative Funding Gives a Boost to Bulls

Bitcoin’s upwards momentum has stalled following the promising push higher seen yesterday This allowed the cryptocurrency’s price to surge up towards $10,800, which is where it met some serious resistance that slowed its uptrend Despite rejecting at this level, the subsequent downtrend has not been that intense, indicating that bulls may still have some underlying strength One analyst is noting that although BTC is beginning to look bearish, the fact that funding rates are still […]

2020-9-26 21:00


Bitcoin May Soon Surge to $12,000 After Bulls Defended Critical Support Level

Bitcoin’s recent stability below $11,000 appears to be translating into technical strength, as the cryptocurrency is now beginning to push higher Whether or not bulls can extend their momentum and break above the resistance zone between $11,000 and $11,300 remains to be seen That being said, analysts are growing bullish on BTC, partially because it could post an ardent response to a key support level that was visited earlier today. Analysts are now noting that […]

2020-9-19 21:00


Analyst: Ethereum Likely to Plunge Towards $320 After Tapping This Key Level

Ethereum has been closely tracking Bitcoin’s price action throughout the past few weeks, although it has been able to outperform the crypto in recent days The cryptocurrency is currently trading up significantly from recent lows of $379 that were set during its recent selloff While BTC remains below its pre-selloff highs, Ethereum has been able to surge past them Despite this strength, analysts are still noting that the crypto may plunge into the lower-to-mid $300 […]

2020-8-30 22:00


Фото:

Why Bitcoin May Need to Test $11,000 Before Climbing Higher

Bitcoin is starting to gain some slight momentum as the cryptocurrency’s price climbs up towards $11,800 This marks a notable surge from recent lows of $11,400 that were set just a few days ago, and it does appear that the crypto is poised to see further upside One factor boosting BTC’s outlook is Ethereum’s intense swing up to highs of $410 In the past, Ethereum has front-run movement seen by Bitcoin and the rest of […]

2020-8-25 21:00


Фото:

Bitcoin Short Positions Surge to 4 Month High as Bears Grow Aggressive

Bitcoin and the entire crypto market – with a few exceptions – is flashing signs of weakness at the present moment This has come as a result of the sharp decline seen last night, which sent BTC reeling below its key $12,000 support The benchmark crypto is now consolidating between $11,600 and $12,000 This is the same trading range that it was trading in before its recent break above $12,000 Analysts do believe that the […]

2020-8-20 02:00


Фото:

Lockdown Life & Darknets: BTC Still the DNM King, Cashaa’s Stolen Coins Sent to Hydra, Cannabis Sales Surge

During the last six months, the Covid-19 outbreak has caused a lot of disarray in the world and one thing is for sure, the use of darknet markets has surged. While the citizens of the globe have been locked down, cannabis sales have skyrocketed and the dollar value of bitcoin transactions done privately has remained […] The post Lockdown Life & Darknets: BTC Still the DNM King, Cashaa’s Stolen Coins Sent to Hydra, Cannabis Sales Surge appeared first on Bitcoin News.

2020-8-17 05:45


Analyst: Bitcoin Could Surge to $17,000 Once This Crucial Level is Broken

Bitcoin has been caught within a bout of sideways trading for the past couple of weeks This has led it to form a relatively wide trading range between $11,200 and $12,200 The crypto’s buyers have been ardently guarding against a dip to below the lower boundary of this range, as a strong upswing follows each visit here Analysts are now noting that BTC may be positioning itself to see significantly further gains in the short-term […]

2020-8-16 19:00


Bitcoin is Facing “Serious” Bearish Divergences as Analysts Eye Downside

The strong momentum Bitcoin has incurred in recent weeks is now showing some signs of stalling as it struggles to break above $12,000 This signals that the resistance at this level may be insurmountable, and may also be a sign of weakness amongst bulls Analysts are now noting that it has led to a surge in bearish divergences that seem to suggest a retrace is imminent BTC now has multiple key support levels throughout the […]

2020-8-8 21:00


Glassnode: Долгосрочные биткоин-инвесторы ждут новых высот для продажи своих активов

$11 000 – не тот уровень, которого ждали долгосрочные биткоин-инвесторы для продажи своих активов, свидетельствуют данные аналитической фирмы Glassnode. Despite $BTC's recent surge to $11k, there are currently no signs of weak hands from long-term investors.

2020-8-1 19:05


Фото:

Bitcoin Shows Signs of Life as it Rallies Past $9,400; What Analysts Expect Next

After consolidating between $9,100 and $9,300, Bitcoin is starting to show some signs of life as its price rallies past $9,400 The ongoing uptrend comes after an extended bout of the cryptocurrency losing its trading volume and momentum due to the uptrends seen amongst many altcoins This latest surge may temporarily change the crypto’s trend, but one top trader is noting that he is planning to short BTC’s high time frame resistance at $9,500 Bitcoin’s […]

2020-7-22 21:00


Фото:

Bitcoin is Flashing Signs of Weakness as It Trades Below Crucial Level

After another failed breakout attempt, Bitcoin is once again hovering just above its crucial $9,200 support The entire crypto market is currently expressing some signs of weakness This weakness may be rooted in BTC’s decline beneath what one analyst is describing as a crucial level He notes that a daily close beneath $9,230 would make a compelling case that further downside is imminent This comes as multiple technical indicators all point to an imminent surge […]

2020-7-15 02:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto ATM market to hit $2.6b by 2032, survey shows

The global crypto ATM market, worth $87.35 million in 2023, is expected to grow at an average rate of 45.7% per year, reaching $2.58 billion by 2032. The global crypto ATM market, valued at $87.35 million in 2023, is expected…

Около 260 млн игроков покинули игру Hamster Kombat

Популярная «тапалка» Hamster Kombat больше не популярна. Игроки массово покидают проект. В начале августа ежемесячное количество игроков Hamster Kombat оставляло более 300 млн человек. К ноябрю этот показатель обвалился до 40,9 млн.

Bitcoin Price Forecast: What To Expect In The Final 24 Hours Before US Election

As the US presidential election approaches, the Bitcoin price has found a stable support range between $68,000 and $69,000, just shy of its all-time high earlier this year.   While the cryptocurrency has struggled to surpass this significant milestone, investor sentiment remains cautiously optimistic, with expectations for further price increases tempered by anticipated market volatility in the upcoming hours.