Tether Bolsters Bullish Momentum by Acquiring $379 Million Worth of Bitcoin

As we enter the year 2024, an unexpected event in the world of cryptocurrency has caught the attention of many. Tether, a prominent player in the crypto industry, has made a significant purchase by acquiring 8,888.88 Bitcoin, which is valued at an impressive $379 million.

This purchase by Tether comes at a time when the cryptocurrency market is experiencing a bullish phase. Bitcoin’s recent surge in value, averaging at $42,640 per Bitcoin, cannot be ignored. Industry experts, like Michael Sylor who holds 174,530 Bitcoins, believe that Bitcoin is on the verge of surpassing its previous record high.

The growing interest in Bitcoin can be attributed to the potential approval of a Bitcoin ETF. If approved, experts predict a substantial increase in Bitcoin’s value. Gabor Gurbacs, an adviser at VanEck, emphasizes that the approval of the ETF would not only benefit Bitcoin but the entire cryptocurrency market. He recently shared his thoughts on this matter in a tweet, highlighting the potential positive impact.

BitInfoCharts has revealed that Tether is the buyer behind this significant purchase. With this acquisition, Bitfinex, the platform from where the Bitcoin was withdrawn, now stands as one of the top ten Bitcoin holders. Tether’s total Bitcoin holdings have risen to 66,465.2 BTC, valued at $2.82 billion. The average cost of this acquisition is $25,176, resulting in a notable profit of $1.148 billion, marking a 68% increase.

Looking ahead, Bitcoin’s journey towards wider acceptance remains a focal point in 2024. With recent acquisitions and industry trends, many anticipate further significant developments in the near future.