Tether (USDT) Brings Another 250 Million to the Market, Funds Flow into Ethereum
Tether (USDT) made another large printing of 250 million tokens, the first in the last month – showing that the printing wallet is not closed, after all. This brings the USDT supply to more than $2.85 billion’s equivalent, affecting the market more and more.
After the latest printing, the share of USDT trading on the market climbed to more than 22%. Of all USDT trading, about 30% of the tokens are currently flowing into Ethereum (ETH), with lessened influence on EOS. A total of over 25 % of all ETH trades are in pairs with USDT.
ALERT: Tether has just granted 250,000,000 USDT https://t.co/EbkvGm6JbX – Mon Jun 25 14:06:13 2018
— FOMO Bot (@BotFomo) June 25, 2018
At the moment, it is unknown where the new USDT would spread. Usually, the tokens land on Binance, but CoinBene is the most active USDT trader right now, and OKEx also holds a huge number of USDT wallet. In the summer of 2017, printings of Tether flowed directly into Bitcoin trading, notably inflating the price. But now, the assets spread to altcoins, and may have been one of the reasons behind the climb in EOS, as well as other tokens in the market.
Due to the loss of price positions, the USDT digital asset is now in the top 10 of coins on CoinMarketCap, displacing TRON (TRX). USDT trading is also extremely active, above the equivalent of $4.1 billion in 24 hours.
During the current bear market, some believe there is a concerted aim to lower prices, instead of just pump them to exorbitant levels.
Chef Tether ?? has returned to save Cryptocurrency! 250,000,000 USD Tethers fresh out the oven to save this bear market. #NotTheHeroCryptoDeserves #ButTheOneItNeeds #Cryptocurrency #Bitcoin #Ethereum pic.twitter.com/97GpuHtpgR
— Tetheral Reserve (@TetheralReserve) June 25, 2018
Since the last printing in May, prices had several weekly shakedowns, pushing BTC even below $6,000. But despite the skepticism, the new printing of USDT is giving hopes of another revival of crypto markets.