As the United States celebrates Independence Day, Bitcoin is enjoying a 4th of July celebration of its own. After hitting $12,000, the leading cryptocurrency is now up 5.63% at $11,838 according to COIN360.
Most of the crypto market is rising with the tide, with Ethereum up 0.99% at $294.70, XRP down 0.81% at $0.3950 and Litecoin up 4.7% at $123.88.
The rally followed the creation of 100 million USDT stablecoins from Tether. Historically, Bitcoin often rises after Tether mints large amounts of tokens and sends them to the crypto exchange Bitfinex.
Despite accusations, the company says it does not use USDT to manipulate the price of Bitcoin. Kraken CEO Jesse Powell recently said he believes there’s no truth to the rumors.
💵💵💵💵💵💵💵💵💵💵 100,000,000 #USDT (100,769,540 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) July 4, 2019
Fundstrat co-founder and head of research Tom Lee says Bitcoin is at peak FOMO, predicting potential fireworks for BTC in the week ahead.
#bitcoin has acted very differently since crossing above $10,000–a level we defined as Level 10 FOMO as it only represented 3% of historical days.
— Thomas Lee (@fundstrat) July 4, 2019
CoinDesk’s Omkar Godbole says Bitcoin’s short duration charts are looking good, but the bulls are not out of the woods just yet.
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