Tether’s $1 Billion USDT Issuance and its Impact on the Crypto Market
On February 13, according to Whale Alert data, Tether, the stable currency issuer, issued 1 billion additional USDTs on the wave field network at 23:19 Beijing…
On February 13, according to Whale Alert data, Tether, the stable currency issuer, issued 1 billion additional USDTs on the wave field network at 23:19 Beijing time on February 13.
Tether issued 1 billion additional USDTs in the wave field network
Interpretation of the news:
On February 13, Whale Alert data revealed that Tether, the stable currency issuer, had issued a massive 1 billion USDTs on the wave field network at 23:19 Beijing time, causing a significant stir in the crypto world. The news of this USDT issuance has once again brought to the limelight the stability and security of Tether and its impact on the overall crypto market.
USDT is a stablecoin that has its value pegged to the US dollar (USD), making it one of the most stable cryptocurrencies in the market. It is widely used as a safe haven during times of market volatility, allowing traders to hold their assets in a stable currency without worrying about the fluctuations in the value of other cryptocurrencies. The recent issuance of 1 billion USDTs implies increased demand and market activity, making it easier for traders to trade on various platforms.
The sudden issuance of such a large number of USDTs by Tether has raised many questions concerning its backing, especially as sceptics have previously speculated that Tether’s claims of its USDT tokens being fully backed by USD reserves are not entirely true. The controversy surrounding Tether has previously had a negative impact on the crypto market, and this news could reignite it once again. However, Tether recently released a report that showed that its USDT reserves were entirely backed by USD reserves.
The news of Tether’s USDT issuance had an immediate impact on the crypto market, especially as Bitcoin’s price reached a new all-time high of over $63,000 on April 13th. The increased issuance of USDTs could theoretically lead to increased demand and liquidity in the market, which could push up the price of Bitcoin and other cryptocurrencies. However, it could also lead to more market manipulation and volatility as potentially unregulated traders use USDT to buy other cryptos.
In conclusion, Tether’s $1 billion USDT issuance on the wave field network has undoubtedly caused a buzz in the crypto market, raising questions and concerns about the integrity of the USDT and its backing. However, the potential impact on the market remains to be seen, with the issuance potentially causing either increased liquidity and demand or more volatility and market manipulation. It is yet another reminder of the importance of stability and security in the crypto market and the need for transparency and regulation to build trust among investors.
Word Count: 404
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/95/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Alliance Block and ABO Digital team up to boost cryptocurrency investment
It is reported that Alliance Block, a blockchain infrastructure provider, has announced a partnership with digital investment company ABO Digital to provide low risk and compliant financial support for cryptocurrency projects for institutional and retail investors through tokenization. ABO Digital is the digital asset investment department of the ABO Group, which provides private financing for listed companies and will help negotiate and construct financial instruments based on the capital and liquidity objectives of the project. AllianceBlock collaborates with ABO Digital to develop token structured products Analysis based on this information:Alliance Block, a leading blockchain infrastructure provider, has recently announced its partnership with digital investment firm ABO Digital. The collaboration aims to provide institutional and retail investors with low-risk and compliant financial support for cryptocurrency projects through tokenization. This partnership is a much-needed boost for the cryptocurrency market, which is still struggling to gain wide acceptance among traditional investors due to uncertainties surrounding its regulatory framework. By leveraging Alliance Block’s blockchain…
-
BIT Mining Sells 8.79% of Crypto Flow Technology to a Third-Party
According to reports, encryption mining company BIT Mining Limited (NYSE: BTCM) announced today that the company has signed a share purchase and sale agreement with an unrelated third party. According to this agreement, the buyer purchased 48195605 Crypto Flow shares of the company in Crypto Flow Technology Limited (“Crypto Flow”), accounting for approximately 8.79% of the total issued share capital of Crypto Flow, at a price of HK $0.38 per share and a total price of HK $18314330. BIT Mining Announces Sale of Remaining Shares in Crypto Flow Technology Limited Analysis based on this information:BIT Mining Limited, a global cryptocurrency mining company listed on the New York Stock Exchange as BTCM, recently announced that it has entered a share purchase and sale agreement with a third-party buyer. The agreement stipulated the purchase of 48,195,605 Crypto Flow shares of the Crypto Flow Technology Limited at HK $0.38 per share, which translates to a total price of HK $18,314,330. This transaction represents…
-
What does “Daily Coin Reading” mean (download from the Daily Wallet app)
What does “daily currency reading” mean? According to the currency circle encyclopedia, “daily reading” means to understand Cryptocurrency such as Bitcoin and Ethereum from multiple perspectives every day According to a report by Caijing magazine, on January 4, 2019, “the world’s richest man” Musk tweeted that he was a “loyal fan of Bitcoin”. He once wrote an article explaining, “I believe Bitcoin has a lot of room for development in the future.” The article also stated that since 2009, Bitcoin has gone through three stages: the first generation, Bitcoin is a completely new asset class; Second generation, a new financial product or service; The third generation, a brand new world computer network and technology system, whose value can continuously improve over time; In the fourth stage, it will become one of the most important inventions in human history Daily Wallet App DownloadRecently, the latest version of the Daily Wallet app has been downloaded. It is reported that Daily Wallet is…
-
Omni Network Completes $18 Million Financing Round
On April 26, it was reported that Omni Network, the interoperability agreement of Ethereum, announced that it had completed the financing of US $18 million, with Pantera Capital, T
-
CoinFLEX’s Reorganization Process Gets Approval from Seychelles Court
On March 7, CoinFLEX announced that the reorganization had been approved by the Seychelles court. CoinFLEX expects the court to issue a written order this week…
-
7:00-12:00: Understanding the Significance of Telegram, Zhao Changpeng, Russia, and Alameda in the Crypto World
7:00-12:00 Key words: Telegram, Zhao Changpeng, Russia, Alameda
Summary of important developments at noon on March 30th
As the cryptocurrency market continues to grow and evolve, v -
MakerDAO Community Approves Emergency Proposals
According to the official news, the MakerDAO community has voted to approve a series of emergency proposals for parameter change launched yesterday. The submitted parameter change plan will be deployed within 48 hours, i.e. 16:14 UTC time on March 13. MakerDAO has voted to approve the emergency proposal to change the parameters related to assets such as USDC, which will be implemented on the chain within 48 hours Analysis based on this information:The MakerDAO community has approved a series of emergency proposals for parameter change in a recent vote. The submitted proposals are set to be deployed within 48 hours, specifically at 16:14 UTC time on March 13th. This announcement effectively marks a quick response by the MakerDAO community to recent destabilizing factors that have affected the MakerDAO ecosystem. MakerDAO is a decentralized finance (DeFi) platform that runs on Ethereum blockchain technology, providing a decentralized alternative to traditional financial systems. The emergency proposals approved were aimed at addressing the ongoing…
-
Hermes takes legal action to protect Birkin bags from NFT sale
It is reported that Hermes, a luxury fashion brand, requested the federal court to prohibit the sale of NFT based on Birkin bags. Hermes said in its submission…
-
Why there is resistance to blockchain (why so many people are doing blockchain)
Why there is resistance to blockchain. The essence of blockchain is decentraliza
-
When is the blockchain conference happening (2021 blockchain conference)?
When is the blockchain conference happening? On December 15th, 2019, the 24th Gl
-
BitDAO Proposes One-Year Budget for Ethereum L2 Network Maintenance
On February 14, the BitDAO community launched the BIP-19 proposal, which proposed to plan a one-year budget for the Ethereum L2 network Mantle launched earlier…
-
Where is bitcny,
Where is bitcny? According to official news, bitcny is a blockchain-based financ
-
The Dark Side of ChipMixer: How a Vietnamese Man and the Software Enabled $3B Bitcoin Scam
On April 17th, it was reported that a Vietnamese man was accused of involvement in identity theft and money laundering activities through ChipMixer, involving up to $3 billion in B
-
Daily Planet News: Shell Protocol Launches Groundbreaking NFT AMM Product
Daily Planet News: DeFi Protocol Shell Protocol launches NFT AMM product, which is based on Proteus AMM engine and supports tokens such as USDT, USDC, DAI, and not just ETH. At pre
-
Why Isn’t Anyone Speculating on Ethereum Classic (Why I’m Optimistic about Ethereum)
Why Isn\’t Anyone Speculating on Ethereum Classic? Editor\’s Note: This article is
-
Celestia’s Test Network, Blockspace Race, Goes Live
On March 15th, the modular blockchain Celestia stated on social media that the test network Blockspace Race was now online. The test network is its largest test network that supports data availability sampling, with over 700 sampling light nodes. The block browser of the test network has been started and running, and users can view the data of the test network, such as transactions, blocks, and verifier set information. Participants in the Incentive Test Network program can find rankings and regional distributions on Tiascan. The block browser for the Celestia test network has been started and running Analysis based on this information:Celestia, a modular blockchain, has recently announced on social media that its largest test network, Blockspace Race, is now online. This test network is specifically designed to support data availability sampling, and it has over 700 sampling light nodes. The blockchain community has been anticipating this move, as it signifies the blockchain’s readiness for implementation and its growth potential….