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A development that worried me today occurred in the cryptocurrency market. Tether announced the issuance of 1 billion USDT. As I feared, the community is also concerned. The main reason for the concern is that such issuances often lead to significant drops in Bitcoin prices. However, a statement made after the issuance clarified the matter. Let’s look at the details.
Tether Issued 1 Billion USDT
Whale Alert reported the issuance of 1 billion USDT by Tether. The news coming after yesterday’s BTC drop has heightened fears. Because it makes the possibility of a deeper decline more likely.
From an investor’s perspective, investors were already saddened by BTC dropping to $65,000 and altcoins being crushed. On top of this sadness, the issuance of 1 billion USDT by Tether has already caused concerns for tomorrow. What I would say here is that in a market filled with yesterday’s sadness and tomorrow’s worries, it will be difficult to expect anything for today.
Tether CEO Paolo Ardoino Made a Statement
A statement that could alleviate the sadness and worries came a little while ago from Tether CEO Paolo Ardoino.
The statement provided important details about the issued USDT. Ardoino’s statement was as follows:
1 billion USDT stock replenishment on the Tron Network. Note that this is an authorized but unregulated transaction, meaning this amount will be used as inventory for future issuance requests and chain swaps.
Bitcoin Price Direction is a Matter of Curiosity
Although the statement clarified the issue to some extent, its impact is already a matter of curiosity. Because everyone is focused on the trajectory of the Bitcoin price. At the time of writing, the flagship of cryptocurrencies, Bitcoin, is trading at $66,236.
Cryptocurrency investors will likely continue to watch the price trajectory for a while. Because a certain amount of fear and anxiety continues to dominate the market. What I would say here is that this situation is normal. Because fear and anxiety are the best friends and an indispensable reality of the cryptocurrency market.
