Tether Prints $310 Billion, Did It Pump Bitcoin to $73,000?
CryptoNewsTerminal Staff17 May, 2024
Tether Prints $310 Billion, Did It Pump Bitcoin to $73,000?
Tether (USDT), the largest stablecoin by marketcap, has issued a staggering 310 billion USDT in the past year alone, according to data from Lookonchain. This massive issuance of USDT has led to speculation that Tether may have played a role in the recent surge in the price of Bitcoin (BTC). BTC price rose from $27,000 to $73,000 in the past year, a gain of over 170%. Some analysts believe that Tether's issuance of USDT may have helped to fuel this rally by increasing the demand for Bitcoin. However, it is important to note that there is no definitive evidence to support this claim. The relationship between Tether and Bitcoin is complex and there are many other factors that could have contributed to the recent surge in Bitcoin's price.
