Tether inflows to crypto exchanges have reached its higher level this year according to the latest data provided by Glassnode that we are looking into in the Tether cryptocurrency news.
This came after the BTC price jumped to its new high for 2020 to $10,956 finally surpassing the $10,500 resistance. Tether’s BTC Supply surged above the $10 billion levels after it exploded thanks to the liquidity flight triggered by the Mid-march crash. The controversial stablecoin faced a lot of accusations of insolvency and criminal conspiracies but grew more than 10 times since the end of the last bull market.
USDT now surpassed Bitcoin in terms of transaction value and total trading volume which only highlights the importance for the market. Tether hit quite the rough patch when the supply dropped more than 44 percent along with the price of bitcoin in 2018. Now, the Tether inflows on crypto exchanges rises continuously.
As per the tether cryptocurrency news, USDT started increasing back in 2019 which correlated with the Bitcoin streak of gains that took the $11,000 level back in June. The issuance of the token is also considered bullish for Bitcoin and some critics believe that the coin will wield the power over the BTC market thanks to the contested study published by the researchers Amin Shams and John Griffin back in 2018. The stable coin issuer said that the coin purchases are mostly driven by demand while calling Griffin’s paper “flawed”:
“Despite Griffin’s false bravado in recent aggressive statements to the media, the authors demonstrate a fundamental lack of understanding of the cryptocurrency marketplace and the demand that drives Tether token purchases.”
Also as we reported in the tether cryptocurrency news recently, USDT has seen some huge growth since the start of the year and the market cap of the biggest stablecoin reached $10 billion according to the latest data that we are reading about in our tether news. The market cap almost doubled this year and the amount of economic value enabled through the biggest ETH-based token went parabolic. The ongoing increase in USDT adoption raised discussions about the importance of the asset to the bigger BTC crypto market. With all this being said, it seems that USDT is not of crucial importance to the entire market and broader industry.
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