Litecoin

Bitcoin

FLOKI

<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 creates new dollars that can theoretically be used to purchase Bitcoin 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. However, the company’s opaque auditing practices and the lack of a formal audit have fueled skepticism and concerns about potential market manipulation.</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, ETF approvals in January, upcoming Bitcoin halving in April, 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>While the debate around Tether’s influence on the cryptocurrency market is likely to continue, the latest developments highlight the need for greater transparency and accountability in the stablecoin industry.</p> 
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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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