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160 million USDT tokens were minted during Bitcoin’s rise to $ 9,000

April 30, 2020

As the price of Bitcoin (BTC) has risen sharply in the past eight hours and has risen to over $ 9,100 at the time of going to print, the stablecoin tether (USDT), which is secured in US dollars, is on a minting festival.

Whalebot Alerts reported this Tether has issued over 160 million new coins in just two transactions in the past 24 hours. The first $ 60 million was raised when Bitcoin was valued at just over $ 8,000. A second transaction of USD 100 million was issued shortly before BTC exceeded USD 8,500.

At the same time, there was a significant USDT movement of the whales between Binance and OKEx. In just under 12 hours 91 million tokens from unknown wallets were transferred to the two exchanges, and the majority ($ 85 million in.) two transactions) was intended for Binance.

160 million USDT tokens were minted during Bitcoin’s rise to $ 9,000160 million USDT tokens were minted during Bitcoin’s rise to $ 9,000

According to researchers, the tether printer does not raise cryptocurrency prices

Only $ 22 million was transferred from the Tether Treasury.

Stable currency without much stability

Tether Treasury has been minting ever since it was founded, with total assets of nearly USD 7.8 billion in USD. While many suspected that the company’s seemingly frivolous token spending, which was more than a billion last month, may have driven other crypto prices higher, Cointelegraph has previously reported that this type of market manipulation is unlikely.

However, the USDT is still controversial, and some argue that it should not be kept for an extended period of time. The stigma may be due in part to a lawsuit in 2019 that found the token could only be 74% secured with fiat currency, rather than the close 1: 1 ratio that Stablecoin’s namesake implies.

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