Bitcoin price soars after $250 million digitally added to market by Tether

Bitcoin price soars after $250 million digitally added to market by Tether

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Answer Bitcoin price soars after $250 million digitally added to market by Tether

Cryptocurrency startup Tether released a new $250 million cryptocurrency on Monday, June 25, which reflected a slight rise in the price of Bitcoin, cryptocurrencies, and more.

references Data in the blockchain The company reports that 250 million new USDT has been created and brought to market this morning.

Note that USDT is a currency pegged to the US dollar at a rate of 1:1, which acts as an option for stablecoins and is traded on most trading platforms such as Binance and others. Noting that the trading volume of Tether, or what is known as the digital dollar, amounted to $4.2 billion over the past 24 hours, as the second highest traded currency among all cryptocurrencies, and its rank came after the digital currency Bitcoin.

Read:The total value of the crypto market reaches $1 trillion

The issuance of new digital dollars is usually linked to the entry of new capital into the market, since the creation of these USDT tokens, requires that a real dollar be deposited in exchange for them in the “tether” reserve account.

Historically, the issuance of new USDT coins has been associated with a rise in the price of Bitcoin, such as what happened on May 18, when the price of Bitcoin rose from $8,100 to $8,500. But this rally was short-lived, and the price of Bitcoin dropped more than $2,300 in the weeks that followed.

Read:Crypto community on Twitter donates $800,000 in cryptocurrency to a child with leukemia

It is worth noting that the company faced many criticisms about the fact that there is a real reserve in the company’s accounts, especially that the size of the digital dollar currency market exceeds 2.6 billion dollars, making it among the 11 largest digital currencies in the market.

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