Tether Is Printing Millions (And That’s Good For Bitcoin)

The latest altcoin news update show that Tether is printing millions which could be a good sign of what is about to come next for Bitcoin and the aggregated cryptocurrency market. Now, it seems like Tether (USDT) has issued a whopping $161 million worth of USDT over the past 24 hours, putting the total number of the new USDT issued over the past three months to $627 million.

Even though this massive addition of new Tether into the cryptocurrency ecosystem has come about during a time of immense selling pressure on Bitcoin, the historical precedent does seem to suggest that it is a highly bullish sign for the benchmark cryptocurrency in the near term.
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As you already know if you are following the Tether news on our website, whenever new USDT volumes are printed, it is an indicator that they will be used to buy cryptocurrencies, with Bitcoin (BTC) as the most dominant one out there.

Meanwhile, as Tether is printing millions, we can also go back in time and see how the company was accused of using their ability to print USDT tokens to manipulate Bitcoin, with the addition of these tokens to the crypto ecosystem being directly correlated to the massive BTC price movements.

Recent data shared on Telegram by Unfolded (which is a BTC and crypto analytics group) shows that Tether has increased its circulating supply of USDT by an astonishing 13.3% over the past three months, having an additional $161 million worth of tokens being minted in the past 24 hours alone.

“In less than 3 months Tether circulating supply grew by 13.3% or $627m USDT got added into circulation. Last 24h $161m USDT got minted,” Unfolded noted in a message.

As for the massive climb in the circulating supply of USDT and why it is significant for Bitcoin, over the past few years there has been an uncanny correlation between the BTC price trend and the USDT market cap.

“Major changes in Tether’s Market Cap have led Bitcoin’s price over the last 1.5 years. 5 January 2020 was no different.
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A healthy signal. Keep it printing,” an analyst named Charles Edwards explained, urging USDT to keep things printing as all of this is a good signal for the dominant coin.

Major changes in Tether's Market Cap have led Bitcoin's price over the last 1.5 years.

5 January 2020 was no different.

A healthy signal.

Keep it printing 🖨️ pic.twitter.com/dfe0dBJzwh

— Charles Edwards (@caprioleio) January 13, 2020

Meanwhile, the price of Bitcoin (BTC) is in a weak momentum again, trading above $5,000.