• Tether’s injection of 1.845 billion USDT into exchanges on the Ethereum network may have contributed to Bitcoin’s recent surge to a new all-time high of $76,000.
• Spot On Chain’s analysis suggests a correlation between large Tether minting events and upward trends or stabilization in BTC price.
• The stablecoin space is becoming increasingly competitive, with new entrants like Ripple’s RLUSD and the Global Dollar (USDG) challenging Tether’s dominance.

Tether, the stablecoin firm behind USDT, injected a massive 1.845 billion USDT into exchanges on the Ethereum blockchain network, which may be one reason why the price of Bitcoin (BTC) skyrocketed in the past 24 hours and reached a new all-time high at $76,000.

According to a post on X (formerly Twitter) by Spot On Chain, a blockchain analysis platform, Tether first minted a massive 2 billion USDT tokens on Ethereum and then, burned a substantial 1 billion USDT on Tron (TRX), a blockchain for creating decentralized applications.

Tether injected $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. Over the past year, the stablecoin firm has minted a whopping …

The post Tether Injects $1.8B into Exchanges, Fueling Bitcoin’s Surge to $76K appeared first on Coin Edition.

• Tether’s injection of 1.845 billion USDT into exchanges on the Ethereum network may have contributed to Bitcoin’s recent surge to a new all-time high of $76,000.
• Spot On Chain’s analysis suggests a correlation between large Tether minting events and upward trends or stabilization in BTC price.
• The stablecoin space is becoming increasingly competitive, with new entrants like Ripple’s RLUSD and the Global Dollar (USDG) challenging Tether’s dominance.

Tether, the stablecoin firm behind USDT, injected a massive 1.845 billion USDT into exchanges on the Ethereum blockchain network, which may be one reason why the price of Bitcoin (BTC) skyrocketed in the past 24 hours and reached a new all-time high at $76,000.

According to a post on X (formerly Twitter) by Spot On Chain, a blockchain analysis platform, Tether first minted a massive 2 billion USDT tokens on Ethereum and then, burned a substantial 1 billion USDT on Tron (TRX), a blockchain for creating decentralized applications.

Tether injected $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX, and $17.86 million to Kraken. Over the past year, the stablecoin firm has minted a whopping …

The post Tether Injects $1.8B into Exchanges, Fueling Bitcoin’s Surge to $76K appeared first on Coin Edition.