Prominent USDT stablecoin issuer Tether has continued to mint staggering billion-dollar sums recently, sparking more bullish enthusiasm in the crypto space. On Saturday, Whale Alert disclosed that 1,000,000,000 USDT had been minted at Tether Treasury. Within three minutes of the update, Whale Alert proclaimed another $1 billion USDT minting from Tether.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (999,020,000 USD) minted at Tether Treasuryhttps://t.co/sGbgwYu7E4
— Whale Alert (@whale_alert) March 9, 2024
Cumulatively, $2 billion has been injected into the crypto market within 24 hours. The development has sparked significant interest from community members, as both tweets have been viewed more than one million times.
As the comment section demonstrates, the prevailing sentiment is bullish. Market participants anticipate more significant gains for Bitcoin and the broader crypto market amid the $2 billion injection.
Meanwhile, Tether CEO Paolo Ardoino took the opportunity to offer clarification, aiming to counteract any misinformation regarding the $2 billion USDT minting. He clarified that the transaction was authorized but not yet issued. Emphatically, this amount would serve as inventory for future issuance requests and chain swaps.
Furthermore, X user Exponential Research pointed out that it has only been one day since the last billion and five days since the one before. The commenter views it as “extremely bullish” for the crypto market.
In particular, the argument posited that Tether printing $2 billion implies an additional $2 billion in demand for spot buying of crypto or as collateral for purchasing crypto on leverage. They believe that the upward trajectory of crypto will persist until significant flows cease.
In another discussion, renowned analyst Michaël van de Poppe pointed out that the altcoin market capitalization must increase by 70% to reach the previous cycle’s peak.
The #Altcoin market capitalization still needs to gain 70% to get towards the high of the previous cycle.
The Altcoins are lagging behind, so the obvious play would be that we’re seeing a short-term correction and, from there, altcoins to surge. pic.twitter.com/DsE9INeBD0
— Michaël van de Poppe (@CryptoMichNL) March 9, 2024
The analyst shared the sentiment amid Bitcoin breaking an all-time high (ATH) above $70k. As a result, he observes altcoins are trailing behind Bitcoin. Meanwhile, the analyst suggested that the apparent trend indicates a short-term correction in the market, after which altcoins are expected to surge to an ATH.
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