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The Daily Hodl
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Tether Mints $120,000,000 in USDT as Bitcoin (BTC) and Crypto Market Rebounds

by Daily Hodl Staff
April 19, 2020
in Altcoins, Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Crypto traders are following a big move from Tether (USDT) to see where the crypto and Bitcoin (BTC) markets may head next.

On Saturday, as the crypto markets turned green, Tether printed $120,000,000 new USDT.

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 120,000,000 #USDT (120,440,672 USD) minted at Tether Treasury

Tx: https://t.co/Y6Pxp4T0oI

— Whale Alert (@whale_alert) April 18, 2020

Tether is designed as a bridge between fiat currency and cryptocurrencies. As a stablecoin pegged to the US dollar, traders often use it to escape crypto market volatility.

Tether has been accused of minting USDT in an effort to manipulate the market and push prices higher, but the company says it simply creates new crypto assets when there’s a rise in demand.

Tether’s chief technology officer, Paolo Ardoino, calls the minting of $120,000,000 USDT an “inventory replenish” and says the new tokens will be used to meet future demand.

PSA: 120M USDt inventory replenish.
Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.

— Paolo Ardoino (@paoloardoino) April 18, 2020

Market research by TokenAnalyst from December of last year shows that the issuance of new USDT is highly correlated with previous Bitcoin surges.

The company says BTC rallies 70% of the time when new USDT is minted.



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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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