A 4.9% gain in the last few hours has helped the price of bitcoin climb back up to $6,653. The top cryptocurrency has now recouped all the losses it endured in the last few days of March. Many believe the recent tether (USDT) supply $300 million has resulted in bitcoin’s growth. Whale Alerts notes that a massive $60 million minting of USDT was done yesterday.
This is the third successive supply surge of USDT. $120 million USDT was minted initially. On the second time of asking, another $120 million was injected on March 26th, which took the amount to $300 million USDT in the previous weeks.
There have been instances previously too to back these claims. Digital assets data reports mentioned that the smaller prints have more of an influence on bitcoin, and market in general than the bigger prints. President of the above-mentioned company, Ryan Alfred stated:
“What we are basically showing is that Tether printing events have a real impact on subsequent market action, but in a way we didn’t expect”.
The Influx of Dollars Benefiting The Price of Bitcoin
Another factor that could be beneficial for bitcoin is the Federal Reserve non-stop printing of the US Dollar. According to its balance sheet, at the speed of $1 per second, new money is being generated. In the eyes of many, this could prove useful for the price of bitcoin.
Not just the price of bitcoin, but other cryptocurrencies are showing signs of recovery too, and $7 billion was added overnight to the market cap. Although gains of 2 3% are not considered significant and are pretty mainstream, bitcoin is back to being the king of cryptocurrency and is fairing out better than anyone, getting back on its throne on coinmarketcap too.
The price of bitcoin which took such a battering on March 12th has recovered impressively in the small period of just over three weeks, silencing some noises who raised questions on the top cryptocurrency.
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