Tether continues to print another 120M USDT in just 7 hours, is this the reason for Bitcoin to leapfrog?


On March 18, Bitcoin Magazine has reported Tether in 160M USDT in just 24 hours bringing the total USDT circulating supply to an incredible 13.3% in just three months.


Tether is actively in USDT


Not stopping there, on March 19, for just 7 hours, Tether continued to print an additional 120M USDT in two transactions, reported by Whale Alert.


Tether in them USDT 2


According to CTO of Bitfinex, Paolo Ardoino, the new USDT is to 'replenish inventories'. It is currently not clear whether this is an individual or a large organization requesting additional issuance of USDT. However, one user pointed out that it was funny that USDT inventories seldom burned but always needed replenishment.


Tether in them USDT 3


Earlier, after printing more than $ 160M USDT, this CTO gave a similar reason. It makes us wonder - will this become a recurring program like Ripple as the global market continues its downward spiral?


Tether is one of the most controversial stablecoins due to never being properly audited. The close relationship between Bitfinex and Tether was only revealed last year.


The reaction to the new USDT casting is somewhat heterogeneous. Is the split answer about whether this is driving Bitcoin higher or is it a sign that the latest short-term rally is about to lose momentum?


Bitcoin soared and targeted $ 7200


Bitcoin seems to be trending the trend as the global market continues to be pulled into crisis.


After rising more than 22% to a new seven-day high of nearly $ 6700, Bitcoin traders are now targeting $ 7,200.


BTC has recovered an impressive 66% since dropping to $ 3,775 on March 13 and the majority of altcoins are also recording a double-digit increase. But how long can the current rally last?


After passing the pennant trend line at $ 5,600, Bitcoin formed a bullish candlestick candlestick pattern and traders pushed prices higher from the resistance of $ 6,300 to $ 6700.


The situation is very noticeable because Bitcoin has effectively separated from the stock market in the past few days. By comparison, the S&P 500 - often thought to be correlated with Bitcoin - dropped by almost 1% at the time of writing with strong price pressure.


At the time of writing the price was trading in the $ 6500 area with an increase of more than 15%.


Analyst Michael van de Poppe shared about BTC's expanded movement. The closest goal for him is $ 6,800 when people again turn to extremely high prices.




If the current level fails to hold, the price of BTC may drop to retest $ 6300, $ 5,900 and $ 5,500.


The shorter time frames indicate prices may need to pullback to support before continuing higher. However, the daily chart shows that MACD is likely to pull up above the signal line and the index is approaching 0. RSI is also approaching 40.



In the United States, where markets did not respond to monetary stimulus, the Federal Reserve's balance sheet reached a record high of $ 4.66 trillion. In the past week, the balance sheet has increased by $ 356 billion, recording the largest increase since 2008 - the peak of the global financial crisis.


Analysts have been increasingly arguing that the side effects of the corona virus pandemic have become worse than they were in 2008, while Bitcoin seems to have weathered the first global financial crisis.


It remains to be seen whether Bitcoin can continue this positive momentum. The current time frame is too short to make any conclusions, but it seems promising. And we also need to see if this growth is authentic or merely supported by USDT to be printed. But it's worth noting that halving Bitcoin is only about 50 days away, which will make BTC more scarce and, potentially, more valuable.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Annie


According to AZCoin News




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