Tether USDt

Tether, the issuer of USDT — the world’s largest stablecoin — has minted over $1.3 billion worth of stablecoins since the market bottom as investors seemingly prepare to buy the dip.&nbsp;
Tether’s treasury has printed over $1.3 billion worth of USDT (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) since the market bottomed on Aug. 5.&nbsp;
The $1.3 billion was <a href="https://x.com/lookonchain/status/1821843647597527070/photo/2" target="_blank" rel="noopener nofollow">transferred</a> to some of the most popular centralized cryptocurrency exchanges — including Kraken, Coinbase, OKX and Bullish — according to an Aug. 9 X post by Lookonchain.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/504ef586-f0c6-426b-a77e-73d888b469b5.jpeg" alt="Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K? " title="">
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 Tether deposits since Aug. 5. Source: Lookonchain
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Large stablecoin inflows to crypto exchanges could signal incoming buying pressure, as stablecoins are the main on-ramp from the fiat to the crypto world used by investors.
Related: <a href="https://cointelegraph.com/news/ether-350m-unlocks-eth-price-2-2k">$350M Ether set for withdrawal in next 9 hours — Can ETH price remain above $2.2K?</a>
<h2 data-ct-non-breakable="true" id="is-the-local-crypto-market-bottom-in">Is the local crypto market bottom in?</h2>
Following the aggressive $510 billion crypto market sell-off, the local market bottom may be in.
The 1.3 billion USDT has been minted since Aug. 5, when Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price <a href="https://www.tradingview.com/chart/3Z94myyP/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener nofollow">bottomed</a> at a five-month low of above $49,500 before starting to recover, according to Bitstamp data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/bd249771-3672-4371-b4ce-0e3be7a56351.png" alt="Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K? " title="">
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 BTC/USD, 1-day chart. Source: TradingView
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Since then, Bitcoin price has staged an over 21% recovery to trade at $60,271 as of 10:44 am UTC. The world’s first cryptocurrency has risen over 5.2% during the past 24 hours.
Related: <a href="https://cointelegraph.com/news/vitalik-buterin-ether-transfer-8-million">Vitalik Buterin moves $8M Ether to new wallet — Possible donation ahead?</a>
<h3 data-ct-non-breakable="true" id="can-usdt-help-push-bitcoin-above-the-key-65-000-mark">Can USDT help push Bitcoin above the key $65,000 mark?</h3>
Bitcoin could still see more downside volatility unless it manages to reclaim the crucial $64,000–$65,000 mark.
This price level acts as the short-term whale holder realized price for large Bitcoin holding entities, according to an Aug. 9 X <a href="https://x.com/cryptoquant_com/status/1821848726756860079" target="_blank" rel="noopener nofollow">post</a> by CryptoQuant.
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 “The short-term holder whale realized price is in the 64K-65K range. This level may present itself as a resistance.”
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<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/40c0b89d-8c05-45a8-87d0-80e576f88c57.jpeg" alt="Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K? " title="">
 <figcaption style="text-align: center;">
 BTC Realized Price: Short-term vs. Long-term Whales. Source: CryptoQuant
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Inflows from the United States spot Bitcoin exchange-traded funds (ETFs) have also turned positive, which could contribute to Bitcoin’s price appreciation. The US Bitcoin ETFs <a href="https://farside.co.uk/?page_id=997" target="_blank" rel="noopener nofollow">amassed</a> a cumulative $194 million worth of net positive inflows on Aug. 8, according to Farside Investors data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/44113a64-2698-46e7-8bd1-9a41faeb5e09.png" alt="Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K? " title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF flow (USD, millions). Source: Farside Investors
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<a href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter">ETF inflows</a> can significantly contribute to a cryptocurrency’s price appreciation. For Bitcoin, ETFs accounted for about <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">75% of new investment</a> in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-tapper-cults-scam-wazirx-asia-express/">Chinese boomers joining crypto tapper cults, WazirX fallout worsens: Asia Express</a>

Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K?

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