In recent days, Tether has issued a significant amount of USDT, potentially affecting fund movements in the crypto market. The article explores how this issuance and other factors are fueling the market.
Significant USDT Issuance by Tether
Tether issued 7 billion USDT over the past week. Today, 2 billion USDT were minted, following 5 billion USDT issued in the last few days. These significant issuances suggest a possible large fund influx into the crypto market.
Crypto Market Growth Catalysts
The crypto market has shown an upward trajectory following the US elections on November 5, with results revealed the next day. These events, along with the US plans for a Strategic Bitcoin Reserve, have fueled market optimism. Additionally, the Fed’s 25 bps rate cut and increased activity in the meme coin sector contributed to positive changes. CoinGecko data shows the meme coin market capitalization rose by over 9%, reaching $126.6 billion in the past 24 hours, with a trading volume of $95.5 billion.
Bitcoin Forecasts
Experts predict Bitcoin may reach $100,000 sooner than expected. At the time of writing, Bitcoin is trading above $91,000, up over 3% in the past 24 hours. Yesterday, BTC reached a new ATH at $93,400, adding optimism to the market.
The issuance of USDT by Tether and other factors, such as the US elections and the Fed's rate cut, are creating bullish conditions in the cryptocurrency market. Bitcoin is rising, and forecasts for its further increase are generating interest among investors.
