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Home Cryptocurrency news

Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price?

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price?
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Yesterday, the Tether treasury, responsible for managing the supply of the stablecoin, has minted an additional $300 million USD worth of the fiat-backed stablecoin, following the recent bullish Bitcoin price action.

Prior to the powerful break through seemingly unbreakable support at $6,000 in November, Tether had removed the same amount from the market, suggesting that the reduction in Tether may have been correlated to the bearish movement. If this is true, could the addition of $300 million in Tether back into the crypto market be a sign of more bullish movement ahead?

Tether Treasury Creates Another $300 Million Out Of Thin Air

Tether, the company behind the controversial stablecoin cryptocurrency that investors and traders use as a safe haven during price declines in the crypto market, has printed another $300 million of the fiat-backed stablecoin. The minting of new coins was first spotted by the WhaleAlerts Twitter account, that tips off crypto market participants of any large value crypto movements.

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??? 300,000,000 USDT minted at Tether Treasury

Tx: https://t.co/kWuOOZWu5l

— Whale Alert (@whale_alert) April 24, 2019

The crypto community accuses Tether of not having sufficient fiat reserves to back all of the Tether coins that are currently in circulation, posing a threat to the overall market integrity. Fears of Tether being insolvent came to a head in advance of the November 2018 drop to deeper lows.

Related Reading | Visualized: Bitcoin, Ethereum, Ripple, and the Rest of Crypto Battle for the Top Ten 

It was around that time when Tether pulled $300 million of the stablecoin from the market. In the days following that, Bitcoin finally broke through support at $6,000 and fell another 50%.

Does Bitcoin Moon Following Addition of $300M of the Stablecoin?

Since the timing of the removal of Tether from the market appears to be correlated with a massive drop in Bitcoin when it made its final test and break of support at $6,000, the fact that the firm has now added that $300 million back into the crypto market has crypto analysts speculating on what it may mean for Bitcoin and the rest of the altcoin space.

$300m new USDT minted.. Probably nothing right?? $btc? pic.twitter.com/XwA9kb5ReN

— f i l ₿ f i l ₿ (@filbfilb) April 24, 2019

In a chart shared by crypto analyst FilbFilb, magnets are used to demonstrate the effect printing and removing Tether from the market appears to have on Bitcoin price. As can be clearly seen, Tether removed $300 million in the days before Bitcoin’s massive drop to the $3,000 range. Now, Tether has added $300 million to the crypto market, and an inverse movement is expected.

Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 

What’s also interesting to note is that the $300 million value was removed at Bitcoin approached $6,000, and has now been added back into the market as Bitcoin approaches $6,000 yet again – this time acting as strong resistance.

Should Tether indeed cause an inverse effect from the November drop, resistance at $6,000 could be broken and a new bull market could resume.

Featured image from Shutterstock
Tags: bitcoinbitcoin pricestablecointethertether treasury
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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