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Data shared by the prominent blockchain tracker Whale Alert reveals that about half an hour ago, Tether created yet another massive USDT chunk, minting 1,000,000,000 USDT on Ethereum.
Tether mints one billion USDT, sends 225.3 million to Bitfinex
A tweet that was published by the aforementioned platform right after that shows that 225,364,963 USDT were immediately transferred to the Bitfinex exchange, which is affiliated with Tether. This took place as, later today, a scheduled FOMC meeting is expected to take place.
Historically, stablecoins in circulation, and especially those held by exchanges, have served as dry gunpowder, used by traders to accumulate Bitcoin.
Analytics account Lookonchain has also spread the word on X about this mammoth USDT release, adding that when the same minting took place two times previously, the Bitcoin price displayed a rally: “The last two times #Tether minted $USDT, $BTC pumped.”
Thus, Lookonchain’s tweet contemplates whether the world’s largest crypto is about to pump once again today or this week.
FOMC meeting today
Top analyst Michael van de Poppe reminded the community that a scheduled FOMC meeting takes place later today. Experts believe that the Federal Reserve is likely to keep interest rates unchanged in June. Even though economic data looks solid for now, the forecasts for the rest of the year seem rather uncertain. The main reasons here are trade tariffs and the unstable military situation in the Middle East. The next meeting is scheduled for July 29-30.
Poppe tweeted that one day before a FOMC meeting happens, the Bitcoin price usually drops. The analyst clarified: “It's standard: risk-off prior to the meeting, risk-on again afterwards.” He added that this is “a standard opportunity for Bitcoin to accumulate.”
On Tuesday, Bitcoin tumbled by 3.73%. Over the past two days, it has lost 4.84%, also with the unfolding of new developments in the Middle East. Today, BTC managed to recover 1.78% but then another drop followed. At press time, the digital gold is changing hands at $104,770.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team