$ 1,109.10 3.39%
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$ 221.17 2.61%

Freshly minted $2.5M Tether pushing Bitcoin price to bulls?

Freshly minted 2.5M Tether pushing Bitcoin price to bulls

Bitcoin (BTC) the undisputed king of cryptocurrency looked shaky today but the Bitcoin price is stabilizing after a fresh minter of Tether (USDT) worth about two and a half million dollars ($2.5).

This time Tether minting has been performed on the TRON blockchain network. During the onset of this year, TRON announced that it would back a native Tether stablecoin on the network this year.

The minting of TRON network has been reported by Whale Alert and another two and a half million dollars ($2,500,000) will be emerging in the crypto-market before long.

Tweeterrati reacted very positively when the news had first been broken, which was anticipated. The minting of new USDT is typically followed by an increased Bitcoin price.

As reported earlier Bitcoin price is going through the last phase of a head and shoulder chart pattern and it appears that the freshly minted USDT has managed to provide BTC the necessary support.

Bitcoin price movement: USDT and Whales in 2019

A theory is that Bitcoin is proceeding towards a major accumulation period before the prices actually surge upwards and this minting will prove to be a provision for upward price pressure.

However, the upsurge of Bitcoin is already presumed by some of the people. For example, a Bitcoin whale has already moved a thousand (1000) Bitcoins, according to a news report, yesterday. This movement is from his account to an external wallet via Bitstamp.

Bitcoin price chart 5 days- 14 october 2019Bitcoin price chart by Trading View

Even in the bearish trends, the Bitcoin price trend has been tremendous floating above the eight thousand dollars ($8,000) price range. A certain fear was flowing through the market related to a “death cross”.

However, that fear has been replaced by bewilderment as Bitcoin moves against all expectations. Significant amounts of Bitcoin holdings have been amalgamated within the last which could be an indication of another upward surge.

Since the whales have been quietly accumulating, it is comprehended that a bigger game is at play which will be uncovered in the weeks to come. USDT minting might not be a sign for upward surge but it is clearly a positive omen for BTC.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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