Bitcoin’s Recent Rise
Bitcoin jumped 2.9% on Friday, surpassing $67,000 for the first time since April. This surge is attributed to low inflation data.
Tether’s Role
Blockchain platform LookonChain reports that Tether Treasury has minted an additional $1 billion USDT. This stablecoin has a market cap of $111.25 billion, making it the most dominant in the crypto space.
USDT’s Impact on Bitcoin
Over the past year, USDT’s growth has contributed to Bitcoin’s rise from $27,000 to $73,000. USDT’s increased liquidity provides traders with more buying power, which can lead to higher demand for Bitcoin.
Expectations for Bitcoin’s Price
The recent USDT minting could potentially boost Bitcoin’s price again. However, other factors, such as the Bitcoin spot ETF market, will also influence its trajectory.
Bitcoin’s Outlook
At the time of writing, Bitcoin is trading at $66,853, up 9.64% in the past week. It is currently consolidating, but historical data suggests it could continue to shine during the crypto bull season.
Cautionary Note
Investors and traders should always conduct thorough research before entering the market.
