Tether Prints Another $60 Million Expecting New Wave Of Demand

Tether prints another $60 million USDT coins which will be entering the markets today since the platform expects a new wave of demand as per the latest Tether news reports.

The largest stablecoin Tether prints an additional $60 million worth of coins as a part of the plan for inventory replenish which is expected to meet the upcoming demand. The cash injection will bolster bulls as the market continues the downtrend. Whale alert reported that another 60,000,000 USDT will be entering the market soon today and according to the Bitfinex CTO Paolo Ardoino the purpose of the new USDT tokens is to meet future demand. It was used as an inventory for the next ‘’period issuance requests.’’

The news came a few days after the Tether treasury minted another 60M usdt and it was meant to meet the forthcoming demand and it seems that some major entity needs the coins. the details which entity this is, is unclear. Over the past few weeks there was a strong activity for the largest stablecoin and as it was reported, Tether ditched TRON and moved about 300 million USDT to Ethereum’s blockchain. The lending smart contract platform now has more than half of the entire market capitalization of Tether.

The timing seems suspicious given that Tether burned more than $102 million earlier this month which makes this a surprising move. The exact reason for the burn was not given but someone seems to have cashed out a huge amount. Bitcoin was unable to claim the $10,000 price point in the same time despite breaking the level twice since the start of the year. The leading cryptocurrency is now trading at about $9,800 and according to some analysts, the $9,650 price level will be the next support line.

It still remains to be seen whether this new batch of USDT coins will boost the bulls or will it take more than a week for it to enter the market. However, the coins still sit as an inventory and Tether issuances have been correlated with the positive price movement of the stabelcoin again. The studies found that more than 70 percent of the Bitcoin rallies correlate with USDT issuing so we have to wait and see how big of an effect will these batch of coins have on the market.