{"id":379810,"date":"2019-04-25T20:00:07","date_gmt":"2019-04-25T20:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=379810"},"modified":"2019-04-25T18:08:55","modified_gmt":"2019-04-25T18:08:55","slug":"tether-treasury-stablecoin-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tether-treasury-stablecoin-bitcoin-price\/","title":{"rendered":"Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Yesterday, the <a href=\"\/tag\/tether\" rel=\"nofollow\">Tether<\/a> treasury, responsible for managing the supply of the stablecoin, has minted an additional $300 million USD worth of the fiat-backed stablecoin, following the recent bullish <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> action.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Prior to the powerful break through seemingly unbreakable support at $6,000 in November, Tether had removed the same amount from the market, suggesting that the reduction in Tether may have been correlated to the bearish movement. If this is true, could the addition of $300 million in Tether back into the crypto market be a sign of more bullish movement ahead?<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Tether Treasury Creates Another $300 Million Out Of Thin Air<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Tether, the company behind the controversial stablecoin cryptocurrency that investors and traders use as a safe haven during price declines in the crypto market, has printed another $300 million of the fiat-backed stablecoin. The minting of new coins was first spotted by the WhaleAlerts Twitter account, that tips off crypto market participants of any large value crypto movements.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcb0\ud83d\udcb0\ud83d\udcb0 300,000,000 USDT minted at Tether Treasury<\/p>\n<p>Tx: <a href=\"https:\/\/t.co\/kWuOOZWu5l\" rel=\"nofollow\">https:\/\/t.co\/kWuOOZWu5l<\/a><\/p>\n<p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/05800704?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 24, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The crypto community accuses Tether of not having sufficient fiat reserves to back all of the Tether coins that are currently in circulation, posing a threat to the overall market integrity. Fears of Tether being insolvent came to a head in advance of the November 2018 drop to deeper lows.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/17\/visualized-bitcoin-ethereum-ripple-and-the-rest-of-crypto-battle-for-the-top-ten\/\">Visualized: Bitcoin, Ethereum, Ripple, and the Rest of Crypto Battle for the Top Ten<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">It was around that time when Tether <a href=\"https:\/\/www.ccn.com\/tether-pulled-300-million-in-cryptocurrency-out-of-circulation-last-week\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">pulled $300 million of the stablecoin from the market<\/a>. In the days following that, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> finally broke through support at $6,000 and fell another 50%. <\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Does Bitcoin Moon Following Addition of $300M of the Stablecoin?<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Since the timing of the removal of Tether from the market appears to be correlated with a massive drop in Bitcoin when it made its final test and break of support at $6,000, the fact that the firm has now added that $300 million back into the crypto market has crypto analysts speculating on what it may mean for Bitcoin and the rest of the altcoin space.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">$300m new USDT minted.. Probably nothing right?? $btc\ud83d\ude08 <a href=\"https:\/\/t.co\/XwA9kb5ReN\" rel=\"nofollow\">pic.twitter.com\/XwA9kb5ReN<\/a><\/p>\n<p>&mdash; filbfilb (@filbfilb) <a href=\"https:\/\/twitter.com\/filbfilb\/status\/67744005?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 24, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">In a chart shared by crypto analyst FilbFilb, magnets are used to demonstrate the effect printing and removing Tether from the market appears to have on Bitcoin price. As can be clearly seen, Tether removed $300 million in the days before Bitcoin\u2019s massive drop to the $3,000 range. Now, Tether has added $300 million to the crypto market, and an inverse movement is expected.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/24\/sell-in-may-and-go-away-a-look-at-historic-bitcoin-price-performance-in-may\/\">Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">What\u2019s also interesting to note is that the $300 million value was removed at Bitcoin approached $6,000, and has now been added back into the market as Bitcoin approaches $6,000 yet again \u2013 this time acting as strong resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Should Tether indeed cause an inverse effect from the November drop, resistance at $6,000 could be broken and a new bull market could resume.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday, the Tether treasury, responsible for managing the supply of the stablecoin, has minted an additional $300 million USD worth of the fiat-backed stablecoin, following the recent bullish Bitcoin price action. Prior to the powerful break through seemingly unbreakable support at $6,000 in November, Tether had removed the same amount from the market, suggesting that the reduction in Tether may have been correlated to the bearish movement. If this is true, could the addition of $300 million in Tether back into the crypto market be a sign of more bullish movement ahead? Tether Treasury Creates Another $300 Million Out Of Thin Air Tether, the company behind the controversial stablecoin cryptocurrency that investors and traders use as a safe haven during price declines in the crypto market, has printed another $300 million of the fiat-backed stablecoin. The minting of new coins was first spotted by the WhaleAlerts Twitter account, that tips off crypto market participants of any large value crypto movements. \ud83d\udcb0\ud83d\udcb0\ud83d\udcb0 300,000,000 USDT minted at Tether Treasury Tx: https:\/\/t.co\/kWuOOZWu5l &mdash; Whale Alert (@whale_alert) April 24, 2019 The crypto community accuses Tether of not having sufficient fiat reserves to back all of the Tether coins that are currently in circulation, posing a threat to the overall market integrity. Fears of Tether being insolvent came to a head in advance of the November 2018 drop to deeper lows. Related Reading | Visualized: Bitcoin, Ethereum, Ripple, and the Rest of Crypto Battle for the Top Ten\u00a0 It was around that time when Tether pulled $300 million of the stablecoin from the market. In the days following that, Bitcoin finally broke through support at $6,000 and fell another 50%. Does Bitcoin Moon Following Addition of $300M of the Stablecoin? Since the timing of the removal of Tether from the market appears to be correlated with a massive drop in Bitcoin when it made its final test and break of support at $6,000, the fact that the firm has now added that $300 million back into the crypto market has crypto analysts speculating on what it may mean for Bitcoin and the rest of the altcoin space. $300m new USDT minted.. Probably nothing right?? $btc\ud83d\ude08 pic.twitter.com\/XwA9kb5ReN &mdash; filbfilb (@filbfilb) April 24, 2019 In a chart shared by crypto analyst FilbFilb, magnets are used to demonstrate the effect printing and removing Tether from the market appears to have on Bitcoin price. As can be clearly seen, Tether removed $300 million in the days before Bitcoin\u2019s massive drop to the $3,000 range. Now, Tether has added $300 million to the crypto market, and an inverse movement is expected. Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May\u00a0 What\u2019s also interesting to note is that the $300 million value was removed at Bitcoin approached $6,000, and has now been added back into the market as Bitcoin approaches $6,000 yet again \u2013 this time acting as strong resistance. Should Tether indeed cause an inverse effect from the November drop, resistance at $6,000 could be broken and a new bull market could resume. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":379817,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,11164,4100,36848],"class_list":["post-379810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-stablecoin","tag-tether","tag-tether-treasury"],"acf":[],"yoast_head":"\n<title>Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price?<\/title>\n<meta name=\"description\" content=\"The Tether treasury has minted another $300M of the stablecoin. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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