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<p>Bitcoin had another exceptional performance this week as the price of the leading cryptocurrency broke its all-time high twice, first on Tuesday and again on Friday. At the time of writing, BTC is trading around $70,000, up an impressive 13% over the past seven days.</p> 
<p>Amid Bitcoin’s rally, blockchain analytics firm LookOnChain <a href="https://x.com/lookonchain/status/1766758660154540456?s=20" target="_blank" rel="nofollow">reported</a> a substantial increase in Tether’s stablecoin supply, with the company minting $2 billion worth of new USDT tokens. Furthermore, LookOnChain’s data shows that a staggering $5 billion in new USDT has been minted on the Tron and Ethereum networks in just one week.</p> 
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<p>The timing of Tether’s massive USDT issuance coinciding with Bitcoin’s latest price surge has reignited the long-standing debate around the potential influence of Tether on Bitcoin’s price movements.</p> 
<p>When Tether mints new USDT tokens, it essentially <strong>creates new dollars that can theoretically be used to purchase Bitcoin</strong> and other cryptocurrencies. Critics have long argued that this mechanism allows Tether to artificially inflate the price of Bitcoin by injecting new liquidity into the market.</p>  
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<p>Tether has consistently maintained that its stablecoin issuance is simply a response to growing demand from the cryptocurrency market and that each USDT token is fully backed by reserves.</p> 
<p>It’s important to note that correlation does not necessarily imply causation, and Bitcoin’s price movements are influenced by a multitude of factors, including institutional adoption, regulatory developments, and overall market sentiment. However, the sheer volume of USDT minted in such a short period raises questions about the potential impact on Bitcoin’s price.</p> 
<p>You may also be interested in:</p> 
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 <li><a href="https://captainaltcoin.com/litecoin-is-breaking-out-as-ltc-turns-bullish-across-all-timeframes-here-are-the-targets-to-watch/" target="_blank" rel="noreferrer noopener">Litecoin Is Breaking Out as LTC Turns Bullish Across All Timeframes: Here Are the Targets to Watch</a></li> 
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<p>The post <a href="https://captainaltcoin.com/bitcoin-breaks-70000-as-tether-mints-billions-in-new-usdt-the-connection/">Bitcoin Breaks $70,000 as Tether Mints Billions in New USDT – The Connection?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Breaks $70,000 as Tether Mints Billions in New USDT – The Connection?

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