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Tether, the company behind the leading stablecoin USDT, just printed $150 million worth of tokens.
The move has grabbed the attention of crypto traders who are wondering if the controversial stablecoin could trigger yet another swing in the price of Bitcoin.
Historically, when Tether prints USDT and sends it to cryptocurrency exchange Bitfinex, the price of Bitcoin goes up, indicating the tokens are being used to buy BTC. The price hike typically fuels demand, causing the price to spike. While Bitfinex and Tether are both owned by iFinex, Inc., Bitfinex has long denied that USDT is used to manipulate the price of BTC.
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Currently, although Tether has just printed more USDT, Whale Alert has not yet tracked any transfers of the tokens to any crypto exchanges.
💵💵💵💵💵💵💵💵💵💵 150,000,000 #USDT ($150,000,000 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) June 11, 2019
Right now, the market is a sea of red, with Litecoin standing tall after hitting a new high for 2019. Bitcoin is down 1.12% at $7,891 according to COIN360. Ethereum is down 0.51% at $243.95. XRP is down 1.42% at $0.3921, and Litecoin is up 7.96% at $136.85.
Technical analysts are tracking Bitcoin’s sideways movement while reading the tea leaves for altcoins.
Bitcoin
CoinDesk – Bitcoin price locked in $600 range for 7th day
FXStreet – BTC/USD next move could be harsh
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Ethereum
Coinspeaker – ETH/USD price may reverse at $250 level
NewsBTC – Ethereum (ETH) grinding higher, $255 presents crucial challenge
XRP, Litecoin, Bitcoin Cash
FX Empire – Support levels could be tested for XRP, BCH and LTC
Blockonomi – LTC hits $130 in bullish move to yearly highs
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