Bitcoin Reaches 76200 Following Tethers 2B USDT Issuance Enhancing Market Sentiment

Story Highlights
Bitcoin News Today: Tether injected $2B in USDT into Ethereum and exchanges like Binance, further driving Bitcoin’s price upward.
Bitcoin Price Today is showing extreme greed, suggesting growing bullish momentum as traders anticipate further price gains.
The fear of further cryptocurrency selloff in the near term has significantly diminished as Bitcoin (BTC) price closed the daily candle above $75.6k for the first time since its inception. The flagship coin rallied to a
new all-time high of about $76,243
on Wednesday, before retracing to about $75k on Thursday during the early European session.
Advertisement
According to the latest market data, Bitcoin’s fear and greed index surged to 77 percent, suggesting extreme greed from traders. Moreover, the re-election of pro-crypto candidates in the recently concluded
US elections
has triggered the entrance of FOMO traders.
Additionally, market experts anticipate the Federal Reserve and the Bank of England (BoE) to cut the respective interest rates later today, in a bid to foster economic growth.
Whales and Retail Investors Increases Appetite Amid Anticipated Parabolic Rally
Following the notable shift in political sentiment in the United States regarding the crypto industry, more investors have doubled down their holdings in the
cryptocurrency market
. Furthermore, Gold investors are now turning to Bitcoin as a hedge factor following the re-election of Donald Trump earlier this week.
The Tether Treasury injected 1.845B
$USDT
to exchanges on Ethereum over the last 12 hours.
• $1.706B to Binance
• $101.7M to Coinbase
• $20M to OKX
• $17.86M to Kraken
Notably, this injection follows Tether Treasury minting 2B
$USDT
on
#Ethereum
and burning 1B
$USDT
on
#Tron
…
https://t.co/wtZXYCXxfc
pic.twitter.com/SFUDo7b7tw
— Spot On Chain (@spotonchain)
November 7, 2024
In the past 24 hours, stablecoin issuers issued more than $3 billion on different chains led by Ethereum. According to on-chain data analysis by Spot On Chain, the Tether Treasury injected 1.845 billion in USDT to exchanges on Ethereum over the last 24 hours. The majority of these were sent to the Binance exchange, while the rest were distributed to Coinbase, OKX, and Kraken.
Meanwhile, Jeremy Allaire, co-founder and CEO of Circle,
announced
that nearly $2 billion has been issued in the past week.
Also Read :
Whales Bullish on Bitcoin While Degens Trying to Push Price Lower: May Reach $100K Only if This Trade Plays Out Well
,
In the past 24 hours, more than $1.2 billion was printed by Circle on different chains. Historically, an increase in stablecoins supply through minting has been viewed as a bullish signal, as investors have been preparing to purchase more coins.
With the notable cash inflows to the
US spot BTC ETFs
in the past week, it is safe to assume that a major bull rally is on the horizon.
Tags
Bitcoin
Price Analysis