{"id":131755,"date":"2020-04-28T14:30:28","date_gmt":"2020-04-28T13:30:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=131755"},"modified":"2020-04-28T10:01:34","modified_gmt":"2020-04-28T09:01:34","slug":"tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes\/","title":{"rendered":"Tether just printed another $240m as demand for Bitcoin flourishes"},"content":{"rendered":"<p>Demand for Bitcoin has been skyrocketing in recent times, with this newfound excitement from investors coming mere weeks before the benchmark cryptocurrency undergoes its highly anticipated mining rewards halving event.<\/p>\n<p>The short-term implications of the halving on Bitcoin\u2019s price are debatable, but it is an undoubtedly bullish event from a long-term perspective as it reduces the crypto\u2019s annual inflation rate by 50%.<\/p>\n<p>The surging demand for BTC is elucidated while looking towards the accumulation rates amongst whales, and can also be seen by the massive issuance of freshly minted Tether (USDT).<\/p>\n<h2><strong>Tether just printed another $240m; here\u2019s why that\u2019s a big deal<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>The so-called \u201cTether printer\u201d has long been watched by cryptocurrency investors as an indicator of where <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> might trend next.<\/p>\n<p>The issuance of USDT tokens isn\u2019t a decisively bullish or bearish occurrence in itself, as it can suggest that demand for the token is rising due to traders fleeing positions in volatile digital assets.<\/p>\n<p>It can also mean that more money is entering the markets using USDT as a gateway, with these stablecoins\u2019 growth being a sign of heightened demand for Bitcoin and other cryptocurrencies.<\/p>\n<p>Today, another $240 million worth of USDT was printed, as <a href=\"https:\/\/twitter.com\/whale_alert\/status\/1254839130653102080\">reported<\/a> by Whale Alert \u2013 a popular Twitter account that announces notable supply movements within the crypto market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-131756 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/Screen-Shot-2020-04-27-at-12.57.35-PM.png\" alt=\"Bitcoin Tether\" width=\"598\" height=\"287\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/Screen-Shot-2020-04-27-at-12.57.35-PM.png 598w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/Screen-Shot-2020-04-27-at-12.57.35-PM-300x144.png 300w\" sizes=\"(max-width: 598px) 100vw, 598px\" \/><\/p>\n<p>Tether CTO <a href=\"https:\/\/cryptoslate.com\/people\/paolo-ardoino\/\">Paolo Ardoino<\/a> was <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1254839194029109249\">quick to respond<\/a> to these tweets, explaining that $120m of the total $240m issuance was an inventory replenish. This is a sign that demand for the stablecoin is on the up-and-up.<\/p>\n<blockquote><p>\u201cPSA: 120M USDT inventory replenish. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.\u201d<\/p><\/blockquote>\n<p>Although in the near-term this isn\u2019t conclusively bullish for Bitcoin, it is highly probable that this money will ultimately be siphoned into Bitcoin and other cryptocurrencies, acting as a war chest for the market.<\/p>\n<h2><strong>Demand for Bitcoin flourishes as whales enter full accumulation mode<\/strong><\/h2>\n<p>The massive spike seen in Tether issuance is one sign of increased investor activity in the market, but another more overtly bullish sign is the recent accumulation undertaken by Bitcoin whales.<\/p>\n<p>As <a href=\"https:\/\/cryptoslate.com\/bitcoin-whale-growth-is-macro-bullish-but-will-it-be-enough-to-stop-another-massive-selloff\/\">reported by CryptoSlate<\/a> last week, <a href=\"https:\/\/twitter.com\/glassnode\/status\/1248332351752384512\">data<\/a> from analytics platform <a href=\"https:\/\/cryptoslate.com\/companies\/glassnode\/\">Glassnode<\/a> shows that 2020 has been a year of accumulation for so-called BTC whales.<\/p>\n<blockquote><p>\u201cThe number of BTC whales continues to grow, hitting 2-year highs \u2013 the last time we saw this many during an accumulation phase was in 2016. This becomes interesting when we compare it with the last Bitcoin halving.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_131757\" aria-describedby=\"caption-attachment-131757\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-131757 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/GlassnodeWhale.jpg\" alt=\"Bitcoin Tether\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/GlassnodeWhale.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/GlassnodeWhale-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/GlassnodeWhale-768x432.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-131757\" class=\"wp-caption-text\">Image Courtesy of Glassnode<\/figcaption><\/figure>\n<p>While coupling this with the latest USDT issuance it becomes clear that market participation rates amongst investors are rising rapidly as the halving fast approaches.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand for Bitcoin has been skyrocketing in recent times, with this newfound excitement from investors coming mere weeks before the benchmark cryptocurrency undergoes its highly anticipated mining rewards halving event. The short-term implications of the halving on Bitcoin\u2019s price are debatable, but it is an undoubtedly bullish event from a long-term perspective as it reduces [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":131833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether just printed another $240m as demand for Bitcoin flourishes<\/title>\n<meta name=\"description\" content=\"The surging demand for Bitcoin is elucidated while looking towards the accumulation rates amongst whales and by the massive issuance Tether (USDT).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether just printed another $240m as demand for Bitcoin flourishes\" \/>\n<meta property=\"og:description\" content=\"The surging demand for Bitcoin is elucidated while looking towards the accumulation rates amongst whales and by the massive issuance Tether (USDT).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-28T13:30:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T09:01:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-rise-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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