Originally published on: August 09, 2024
Tether, the leading stablecoin issuer, has recently minted over $1.3 billion worth of USDT since the market hit its lowest point, suggesting that investors are gearing up to take advantage of the dip.
According to reports, Tether’s treasury has injected this substantial amount of stablecoins into various centralized cryptocurrency exchanges, including Kraken, Coinbase, OKX, and Bullish. This influx of stablecoins could indicate a potential surge in buying activity, as investors typically use stablecoins as a bridge between traditional fiat currencies and the crypto market.
After a significant $510 billion sell-off in the crypto market, it appears that the bottom may have been reached. Bitcoin hit a five-month low of above $49,500 on August 5 but has since shown signs of recovery, currently trading at $60,271.
However, in order for Bitcoin to continue its upward momentum, it will need to reclaim the crucial $64,000-$65,000 level. This particular price range serves as a key indicator for large entities holding significant amounts of Bitcoin, according to CryptoQuant.
Furthermore, positive inflows from US spot Bitcoin ETFs are also contributing to the cryptocurrency’s potential price appreciation. On August 8 alone, US Bitcoin ETFs accumulated a total of $194 million in net positive inflows, indicating growing interest from institutional investors.
Overall, the recent surge in stablecoin minting and positive ETF inflows suggest that the crypto market may be poised for a significant bullish trend. Will Bitcoin break above $65,000? Stay tuned for more updates on the latest market trends and investment opportunities. Subscribe to our Markets Outlook newsletter for exclusive insights delivered every Monday.