Tether (USDT) Inflow Kicks Bitcoin Back Above $6,300

Wed, 08/15/2018 - 09:37

Yesterday’s Tether tranches to Bitfinex stop the crypto market from going red

Tether (USDT) Inflow Kicks Bitcoin Back Above $6,300

Cover image via U.Today

Yesterday, a total amount of 90 mln Tether (USDT) arrived in the market. Those were not newly-minted coins but just tranches from the USDT treasury.

The first transaction carried 50 mln coins, the second one– 40 mln, a short while afterward.

This injection has helped BTC to recover a little and stopped the overall decline of the crypto market since all altcoins, on the whole, follow the Bitcoin’s rate.

Right after the injection, the USDT trading volumes exceeded the equivalent of $3.5 bln, which is almost a quarter of the whole crypto market trading volume.

#Bitcoin

About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.