Reserves on exchanges rising for Tether (USDT): bull market coming?
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New updates on the on-chain situation of cryptocurrencies: Tether (USDT) is seeing an increase in its presence on exchanges, giving positive stimuli for increased market volatility. Meanwhile, BTC is moving in the opposite direction and marking multi-year lows in the reserves on exchanges. Are we about to enter a bull market? We delve deeper in this article. Tether (USDT) reserves on exchanges are rising while Bitcoin reserves hit multi-year lows Good news for the crypto market is emerging from on-chain data: the reserves on exchanges of Tether USDT (ERC-20), the largest stablecoin by market capitalization, are on the rise. Specifically,
USDT, also known as Tether, has become an integral part of cryptocurrency markets since its launch in 2014. Pegged 1:1 to the US dollar, it is the most widely used stablecoin with a market capitalization of over $83 billion as of October 2023. But it is also controversial, with opaque…
The top stablecoin issuer Tether has minted up to $2B in $USDT only in 2 days, indicating a major development. As per Lookonchain, a cumulative 2.54B $USDT tokens have moved from the Tether to diverse exchanges following November 6, signifying a capital spike for trading. The on-chain analytics provider disclosed…
The cryptocurrency markets are constantly evolving, but few could have predicted the meteoric rise of Tether (USDT) in 2023. This controversial stablecoin has experienced hockey stick-like growth in its position, cementing its position as the third-largest crypto asset behind Bitcoin and Ethereum. Tether’s market capitalization exploded from around $60 billion…