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The price of Bitcoin (BTC) crashed by more than 18% in January to an intraday low of $38,700. Nevertheless, in the last couple of weeks, the leading crypto has soared above $47,500 after one week of consolidating above the $40,000 support level.
A new report claims that Tether (USDT) has benefited from the Bitcoin price increase. Also, a DeFi project, Pullix (PLX), has been garnering attention following its $5.25 million raise over the past few weeks. Read on to find out more.
Bitcoin (BTC) Holds Above $40k, Sets Sight on New ATH
After its rough start to 2024, Bitcoin (BTC) has been on an uptrend. Since the Bitcoin price surpassed the $40,000 level, it has maintained this support. After a week of consolidating above this level, BTC has now embarked on a rally.
The Bitcoin price has increased to above $47,500, representing an increase of more than 23% from its 2024 low of $38,700. With the increase above this level, JimmyBoss has predicted that BTC could surge above the $50,000 level in the coming days.
Tether (USDT) Earns From BTC Acquisition
Bitwise’s chief investment officer (CIO), Matt Hougan, reported that Tether (USDT) earned more than $2.85 billion in profits in the fourth quarter of 2023. According to Tether’s Q4 report, the stablecoin issuer earned $1 billion from investments in US Treasury bills and $1.85 billion from its gold and Bitcoin assets.
This big earning by Tether mainly resulted from the surge of the crypto market during the past few months. In this period, the Bitcoin price hiked from approximately $27,000 to above $42,000. However, in 2024, Tether went on a BTC buying spree.
Based on a report by Dune Analytics, one address linked to the corporation has 66,465 bitcoin holdings, making it the 11th largest cryptocurrency holder. With the Bitcoin price increasing above $47,000, the earnings of Tether have increased.
Pullix (PLX) Raises $5 Million As Launch Nears
Amidst the growing bullish sentiment, Pullix (PLX) has been growing in popularity in the DeFi market. With its hybrid exchange set to launch within the next 6-8 weeks, Pullix has raised over $5 million in its cryptocurrency ICO phase. The major reason for the massive support for Pullix is also the earning opportunities it brings to PLX holders.
PLX is a utility token on the exchange that can be used for a variety of purposes – staking for rewards, transaction facilitation, and trade to earn. On top of that, Pullix offers users a new way to earn profits with their Market Making Liquidity Contribution functionality.
The exchange offers an annual return that can range from 8% to 18% for traders who function as market makers, offering liquidity and collecting a portion of the trading fees. Pullix is a project worth taking into consideration if you’re searching for worthy investment options. Compared to other exchanges in the DeFi market, it provides superior security and access to a wider range of tradable assets.
The Pullix team has also implemented a token burn plan to try and reduce the overall quantity of PLX tokens in circulation. This model aims to instill scarcity, which will increase the token’s worth. In the final two stages of its cryptocurrency ICO, PLX has already increased by 150% to its current price of $0.10. However, as launch day approaches, PLX could see a 50x price surge, according to crypto experts.
Closing Thoughts
The increase in the price of Bitcoin over the past few months has helped the stablecoin issuer, Tether, profit in Q4 of 2024. Meanwhile, the Pullix DeFi project looks poised for a massive price explosion as its launch happens in the next few weeks.
