Bitcoin (BTC), experienced an increase in the morning hours, making its investors happy. With this sudden rise, two developments stood out in the crypto money markets. Here are those two developments…
Tether prints USDT
With the rising level of buying and selling on cryptocurrency exchanges among crypto traders, popular stablecoin Tether (USDT) has been on a roller coaster ride lately. Tether is running a money-printing spree for USDT to match the growing appetite of crypto enthusiasts trying to convert the gains in crypto assets recorded so far into stablecoins to avoid another significant loss for the year.
Tether reported that since the beginning of this month, Tether has minted massive amounts of USDT over $1.1 billion between March 24, 2022 and March 29, 2022 to meet the conversion demands of cryptocurrency traders. The increased activity for the stablecoin has also led to an increase in the coin’s market value. USDT, which had a valuation of $80.99 billion on March 25, 2022, earned $430 million in less than three days, bringing its total value to around $81.42 billion. With the current market cap of
USDT pegged at around $81.42 billion, this means that as one unit of stablecoin is pegged at $1, there are approximately 81.4 billion USDT in circulation. The share of Tether stablecoins on exchanges is also increasing. This increased Tether pressure and increased stock market supply point to an increased level of purchasing power accumulating in exchanges.
The foundation behind LUNA bought Bitcoin
As we have previously reported as Kriptokoin.com, the Luna Foundation previously announced that it has collected $ 2.2 billion for Bitcoin reserves. As WuBlockchain reported, the foundation behind the Luna project has deposited $1.1 billion worth of BTC to another anonymous address ending in 50tv4q. It is not yet clear whether the other part of the funds will be transferred to the same wallet or to another address.
Founder of Terra (LUNA), Luna Foundation Guard announced that it has successfully raised $2.2 billion to create a separate Bitcoin reserve for the UST stablecoin behind the network. $1 billion was raised through a private sales round. The foundation also has a plan to purchase large amounts of BTC at $125 million per day.
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