Big transactions of more than 1. 2 billion USDT made in multiple transactions which may indicate that the bottom has been formed for Bitcoin price.

Previous Large Tether emissions were always linked to buying signals at market lows for Bitcoin, raising questions about the price outlook.

The significant linkage between Tether USDT and Bitfinex increases the possibility of market manipulation through large mints of USDT.

Tether Treasury has produced over $1.2 billion of USDT in a series of transactions within the last ten hours. This rise in issuances of stablecoins has not gone unnoticed by the market observers, especially since Tether is known to have announced large issuances in previous bottoms. IFinex’s Tether and Bitfinex, completed three massive minting operations in a very short period. Thus, raising questions about the potential effect of such operations on the rest of the cryptocurrency market.

Tether Treasury Minting Spree and Bitfinex’s Strategic Role

The first large movement was made 10 hours ago when Tether Treasury issued 1.2 billion USDT. This was followed by two additional transactions: Another transaction completed 49 minutes, 100 million USDT minted and sent to Bitfinex, and 52 minutes ago, 100 million USDT minted on the TRON blockchain. 

https://twitter.com/martypartymusic/status/1835717455307592030

Some trading experts have suggested that these two closely-timed and large-scale minting events could signal an imminent large market move forward.Tether is a stablecoin that is anchored to the US dollar and is often employed by traders to enter and exit trades converting between cryptocurrencies and fiat currencies.

Tether, for instance, is said to have a very close association with Bitfinex, a major crypto exchange, with both companies being owned by the Hong Kong-based iFinex. These two entities tend to have a direct relationship, especially since Bitfinex has a significant role in the distribution of new USDTs on the market.

Impact on Bitcoin and Future outlook

Historically, significant Tether minting events have coincided with market bottoms for Bitcoin. The influx of new USDT liquidity into the market is seen by many as a precursor to buying pressure, as traders use the stablecoin to acquire assets like Bitcoin. The market is closely watching the timing and scale of this Tether minting, as it could play a crucial role in shaping short-term cryptocurrency price movements.

The post Bitcoin Bottom Imminent? $1.2 Billion USDT Just Minted by Tether Treasury appeared first on Crypto News Land.

An ancient Ethereum whale, identified by the wallet address ‘0xe3e,’ has sold a significant portion of its holdings in recent days. The whale offloaded 10,595 ETH for approximately 24.7 million USDT over a span of three days. This sell-off comes as the whale continues to liquidate its assets irrespective of market conditions, maintaining a consistent pattern of selling 87.56 ETH for USDT every few minutes.

10,595 $ETH has been sold for 24.7M $USDT by this ancient whale in just 3 days!Regardless of whether the market goes up or down, the ancient whale '0xe3e' continues to sell 87.56 $ETH for $USDT every few minutes.Current holdings: 6,042 $ETH ($14.7M), ~36.3% of the original… https://t.co/80uSiGC9dp pic.twitter.com/QdBc3RV9Tl

— Spot On Chain (@spotonchain) September 19, 2024

As of now, the whale’s remaining balance stands at 6,042 ETH, valued at approximately 14.7 million USDT. This balance represents around 36.3% of the whale’s original Ethereum holdings. Despite the ongoing sales, the whale has managed to secure an estimated total profit of 39.34 million USDT, equating to a remarkable 451x return on the initial investment.

Market Implications

According to spot-on-chain, the consistent selling activity by this whale, regardless of market direction, has captured attention in the cryptocurrency community. The actions of such large holders, often termed ‘whales,’ can influence market sentiment and price movements, especially when substantial amounts of assets are sold in a short timeframe. The whale’s strategy and potential future actions remain closely monitored as traders and investors speculate on the broader impact on Ethereum’s market dynamics. 

This whale’s ongoing sell-off underscores the influence that long-standing market participants can exert on digital asset markets, highlighting the need for vigilance among market observers.

The market has seen a significant recovery in the price of Bitcoin (BTC), reaching $64,000 according to data from Cryptonewsterminal market monitoring. Binance's USDT market also confirms this rise, with BTC trading at the $64,000 mark. This surge in value marks a positive trend for BTC and the cryptocurrency market as a whole.

Interesting things are happening in the cryptosphere. USDT issuance on the TON network surpassed $1 billion, while Solana’s price threatens to dive straight to earth with a 40% correction. But it’s not all doom and gloom: the Rollblock (RBLK) crypto presale just surpassed $3.5 million in liquidity amidst bold analysts’ predictions. This Ethereum iGaming protocol […]

The post Rollblock Hits $3.5 Raised, Toncoin USDT Issuance Tops $1 Billion, Could Solana Price Be Set For a 40% Correction? appeared first on TechBullion.

The authorized USDT issuance of Tether’s stablecoin on The Open Network (TON) has crossed $1 billion, a significant milestone that demonstrates the stablecoin’s and the TON blockchain’s expanding impact. This result demonstrates the growing use of stablecoins and the rapid expansion of TON’s blockchain ecosystem.

According to data from the official transparency report by Tether, the total amount authorized on the TON blockchain is currently $1.03 billion, with $720.6 million circulating and $309.3 million authorized but not issued. This rapid issuance growth actually occurred in the months following Tether’s expansion onto TON at the beginning of 2024.

The integration of USDT onto the TON blockchain is a game-changer for the stablecoin ecosystem. With TON’s fast and scalable infrastructure, we expect to see massive adoption, especially among Telegram’s large user base,” said Paolo Ardoino, CTO of Tether, during the TOKEN2049 conference in April​

TON Secures Its Place as Key Blockchain for USDT

TON, initially developed by Telegram, has grown into one of the top five blockchains by USDT issuance, joining the ranks of Ethereum, Tron, and Solana. Its blockchain, known for fast transaction speeds and low fees, is becoming a popular choice for stablecoin transactions. The integration of USDT has played a pivotal role in TON’s recent surge in popularity.

With this Milestone, TON has moved ahead of several other blockchain networks, such as Near, Tezos, and Cosmos, in terms of USDT locked on the platform​. The TON network’s expanding role in the decentralized finance (DeFi) space underscores its increasing appeal among both developers and users.

According to Tether’s official page, the authorized issuance of USDT on the TON chain has exceeded $1 billion, currently reaching $1,030,000,002, of which the authorized unissued amount is approximately $309,325,516.46, and the net circulation is approximately $720,674,485.54.…

— Wu Blockchain (@WuBlockchain) September 15, 2024

Partnership with Telegram Boosts Adoption

The major reason for the rapid growth of TON is the fact that it is integrated with the popular messenger Telegram, which has over 900 million users. This allows for seamless USDT sending within the app against other cryptos, where Telegram’s big audience faces a lot of difficulties and confusion in using such cryptos due to complex external platforms. Large-scale P2P transactions powered by TON, in turn, plus the immense audience of Telegram users, are considered the main driver for USDT’s chain adoption.

 

TON and USDT are also used within Telegram Mini Apps to power different financial and other services.

For example, the Singapore-based ride-hailing service Tada recently began accepting USDT payments through TON, highlighting the blockchain’s real-world use cases.

Growth of Stable Coin and Market Impact

USDT market capitalization keeps the leading position with more than $118 billion. It is still the most widely used stablecoin for transaction purposes on various blockchains, such as Ethereum, Tron, and, lately, TON. In the first half of 2024 alone, more than $2.5 trillion were settled with the use of stablecoins. That underlines the fact that, finally, their role in the global digital economy finds recognition.

The milestone issuance on TON comes with increasing adoption across the wider crypto market in terms of stablecoins as a preferred medium for day-to-day transactions, especially in so-called emerging markets or jurisdictions whose currency volatility makes the proposition of using stablecoins attractive.

Future Prospects

The recent TOKEN2049 conference in Singapore added more to the developments on TON, including new partnerships and integrations that will make it grow further. Its close relationship with Telegram and the real-world utility of USDT within the platform could drive more users to the network, fueling further issuance and adoption.

But as stablecoins like USDT become an increasingly critical part of the crypto economy, TON’s ability to attract liquidity and users will be a critical factor in its continued success. This is just one of many milestones that TON and Tether plan to achieve as the blockchain continues to expand its offerings and use cases.

In conclusion, the $1 billion USDT issuance milestone on TON represents a significant step forward for both the blockchain and Tether. As the crypto market continues to evolve, TON’s growing role in the stablecoin ecosystem will be one to watch.

Tether has invested $1.5 million in Sorted Wallet, a platform that helps people in emerging markets access crypto using simple mobile phones.

According to a Tether (USDT) post, this investment aims to increase financial inclusion in regions such as Africa and Southern Asia, where many lack access to traditional banking.

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What is Sorted Wallet? 

Sorted Wallet allows people without bank accounts or limited banking options to use crypto. It works on basic mobile devices, enabling users to store, send, and receive crypto. The platform doesn’t control users’ funds, making it a secure option for those in developing regions.

Cryptocurrency has become important in areas where traditional banking is limited. In places like Africa and parts of Asia, many people rely on crypto to make faster, cheaper payments and protect their money from unstable local currencies. It also offers an alternative to traditional banking, which can be expensive or inaccessible.

Tether’s CEO, Paolo Ardoino, said this investment helps expand financial services to underserved communities. 

“By supporting Sorted Wallet, we unlock new opportunities for individuals with basic mobile phones to participate in the financial system. Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy.”

Paolo Ardoino

In June, Tether invested $18.75 in cross-border crypto exchange XREX to support USDT-based payments in emerging markets. XREX planned to use the funds to enhance cross-border business payments and collaborate with the Unitas Foundation to launch a gold-backed stablecoin.

This investment followed Tether’s expansion efforts in Eastern Europe and the UAE.

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