Tether Limited today introduced a new batch of Tether (USDT) worth USD 250 million into circulation, according to blockchain data, bringing the total USDT market cap up to USD 2.7 billion. Past research shows that there is a positive correlation between large quantities of USDT being issued and increases in Bitcoin’s price, so this could be good news for the overall Bitcoin market.
USDT is “printed” whenever cash is deposited cash into Tether Limited’s linked bank account. Tether is intimately linked to Bitfinex since they both have the same CEO, Jan Judovicus van der Velde. Bitfinex is the largest USD to Bitcoin exchange in the world with tens of thousands of Bitcoins of daily trade volume. Tether is used by cryptocurrency traders on exchanges as an alternative to USD when it is not possible for them to use the actual US currency. Each USDT is tied to the value of the US dollar and, therefore, worth almost exactly USD 1, with mechanisms built into USDT’s protocol to maintain parity.
To read the full article go to: https://bitcoinnews.com/250m-tether-injection-positive-sign-for-bitcoin-market/
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://bitcoinnews.com/250m-tether-injection-positive-sign-for-bitcoin-market/