According to data from WhaleAlert, stablecoin issuer Tether has minted 1 billion USDT.
Tether continues to print USDT. The stablecoin issuer has minted another 1 billion USDT today. The company has been continuing its moves to increase the stablecoin supply since July 29.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,001,883,610 USD) minted at Tether Treasuryhttps://t.co/J7058h3uuw
— Whale Alert (@whale_alert) August 3, 2022
Many crypto analysts and investors believe that the increase in stablecoin supply is a bullish signal for the crypto markets. Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange Binance, has a similar opinion. According to CZ, the increase in stablecoin supply is bullish for the cryptocurrency market.
Famous analyst Will Clemente, on the other hand, approaches the event from a different perspective. The fewer stablecoins on the market, the better, according to Clemente. Because despite the oversupply, if the number of buyers is insufficient, it may cause the crypto money market to decline. According to the model mentioned by Clementine, cryptocurrencies are likely to grow if the amount of stablecoins in circulation decreases.
What’s Up With The Crypto Industry?
The whole world turned its eyes to Nancy Pelosi’s flight to Taiwan the other day. Despite the possibility of a conflict, the uncertainty in the markets caused a small decline in the sector. The fact that Pelosi landed without any trouble had a positive impact on the crypto market. The sector started to rise with the S&P 500 Index after the good news.
Bitcoin is trading at $23,404.61 at the time of writing, according to CoinMarketCap data.
