- Tether minted $1 billion USDT, aligning with Federal Reserve rate cut speculation.
- Last year, $35 billion in USDT issuance contributed to Bitcoin’s surge from $26,600 to over $73,000.
- Bitcoin is now at $61,000, showing bullish signs with recent technical indicators.
According to the latest data from Spot On Chain, the Tether Treasury minted an additional $1 billion USDT on the Ethereum network just three hours ago. This development is notable because it coincides with growing anticipation of a potential interest rate cut by the Federal Reserve during their upcoming meeting on September 17-18.
Tether’s activity over the past year has been substantial. In total, the Tether Treasury has issued $35 billion worth of USDT, a key factor that some analysts believe has fueled Bitcoin’s price surge. In fact, Bitcoin’s value climbed from $26,600 to over $73,000 in March, following significant USDT minting.
Historically, these mints have often been followed by upward trends or stabilization in Bitcoin’s price, suggesting that large USDT injections into the market might influence BTC’s movements.
Comparing Bitcoin Market Sentiment Year-to-Year
Now, one year later, the market finds itself in a familiar situation, with parallels in price action and sentiment. The key difference? Last year, Bitcoin was trading at around $26,000, whereas today, it stands at $61,000.
Market participants have taken note of the technical indicators, which point to an ongoing shift in momentum. Last week’s candle closed above a critical weekly pivot zone at $58,800, signaling that the bears may be losing control.
This close followed the first higher low in nearly six months, aligning with a retest of the 50-week exponential moving average (EMA), a bullish sign that the market could be poised for further gains.
The next key milestone for BTC will be closing above $65,000, which would confirm a higher high and solidify the market’s structural shift toward bullish territory. With market conditions similar to last year’s, all eyes are on Bitcoin’s next move as bulls look to take control.
Interestingly, on September 16th last year, bearish traders were bracing for a $12,000 drop, a far cry from today’s market where many anticipate a $40,000 floor. As the FED decision looms, the correlation between Tether minting and Bitcoin price action will be closely watched, potentially setting the stage for another significant market movement.
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