Tether Injects $1.845B USDT into Exchanges, Bitcoin (BTC) Price Skyrockets to a New ATH of $76,000

Tether, the stablecoin firm behind USDT, injected a massive 1.845 billion USDT into exchanges on the Ethereum blockchain network, which may be one reason why the price of Bitcoin (BTC) skyrocketed in the past 24 hours and reached a new all- time high at $76,000.

The Next Big Cryptocurrency to Watch: New Stablecoin from USA FinTech Giants and More Hot and Dead Cryptocurrencies of the Week

The leading cryptocurrency is expected to trade lower as interest rates are hiked by the Federal Reserve, which could impact other altcoins as well.

The price of Bitcoin (BTC) skyrocketed in the early hours of Monday morning EST, reaching a new record high of $76,000 as Tether deposited massive amounts of the leading stablecoin via Ethereum-based cryptocurrency exchanges. .

According to a post on TRX), a blockchain for creating decentralized applications.

Tether pumped $1.706 billion USD to Binance, $101.7 million USD to Coinbase, $20 million USD to Okex, and $17.86 million USD to Kraken. Over the past year, the company has minted a staggering $37 billion worth of stablecoins via Ethereum and Tyrone, helping Bitcoin rise from $35.6k to an all-time high of $76,460.15, which it reached just hours ago.

The impact of Tether on the price of Bitcoin

In a post on The price of Bitcoin rose by 9% on November 6.

Read also: Bitcoin’s path towards $100,000: expectations, election impact, and halving effects

Tether's $1 billion coin vault was posted on the hashtag #Ethereum about 3 hours ago.

This minting comes significantly ahead of the Fed's expected interest rate cut on September 17-18.

Overall, Tether’s treasury issued a total of $35 billion USDT in the past year, contributing to the #Bitcoin hashtag surge… pic.twitter.com/TYH4gtJRni

CoinMarketCap data shows that Bitcoin was trading at $74,741.01 at press time, down 2.34% from its all-time high. The market value of the cryptocurrency rose to 1.48 trillion US dollars, while its trading volume reached 93.72 billion US dollars.

Stablecoin Competitive Space

The stablecoin space is getting competitive with USDT losing some market share to USDC and DAI. American fintech company Ripple also plans to launch its stablecoin RLUSD in the near future and capitalize on the demand for a transparent stablecoin infrastructure.

Several companies, including Robinhood, Paxos, Kraken, Novi, Polyush, Anchorage, and Galaxy Digital, recently teamed up to launch a new stablecoin called the Global Dollar (USDG), with DBSS Bank as the primary banking partner for the new Global Dollar network.

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