Key Notes
- Whale Alert spotted the massive minting of 1 billion USDT on the Tron network on June 9.
- The USDT mint signaled increased embrace of Bitcoin as the coin’s price breached a key resistance level.
- BTC price has now increased to more than $107,800 amid crypto market watch.
The cryptocurrency sector has recorded a fresh mint of a billion dollars in Tether
USDT
$1.00
24h volatility:
0.0%
Market cap:
$154.82 B
Vol. 24h:
$44.03 B
. Blockchain analytics platform Whale Alert spotted the massive minting on the Tron network on June 9. Many market watchers and experts are trying to draw a connection between the USDT mint and the recent upsurge in Bitcoin
BTC
$108 435
24h volatility:
2.1%
Market cap:
$2.15 T
Vol. 24h:
$29.62 B
price.
Relationship Between USDT Liquidity and Bitcoin Price
Per Whale Alert data, 1,000,000,000 USDT, valued at $1,000,799,999 was minted at Tether Treasury on June 9. The mint was conducted on the Tron blockchain network, suggesting that TRX-based USDT is becoming popular for crypto trades as it offers fast and low-cost stablecoin remittances.
Generally, stablecoin indicators are the key to assessing market value and future direction. Based on history, high volumes of newly minted stablecoins usually signal bullish momentum and potential price increases, while low volumes signal bearish activity with reduced market activity. Interestingly, the USDT mint coincided with the BTC price hitting $106,000.
Following a mixed outlook over the weekend, the $106,000 price indicated that BTC was beginning to recover. The new infusion of stablecoin liquidity from Tether may further catalyze the flagship cryptocurrency in its rebound streak. At this time, BTC price has risen to $107,827.88, marking a 2.08% price increase in 24 hours.
Meanwhile, the massive mint has not impacted Tether’s market cap dominance. According to CoinMarketCap, this metric is currently pegged at $156.82 billion with no market cap increase or decrease within the last 24 hours. This outlook suggests that the market is pivoting from stablecoins towards higher-risk digital assets like Bitcoin and Ethereum
ETH
$2 575
24h volatility:
1.9%
Market cap:
$310.62 B
Vol. 24h:
$16.33 B
.
Technical analysis suggests that more funds and liquidity may be entering the market. In terms of total supply, USDT is currently at 156 billion, while its trading volume is at $63.83 billion.
This entire development comes only a few days after it was reported that Tether transferred 10,500 Bitcoin from Bitfinex’s hot wallet to a new Bitcoin address. Tether CEO Paolo Ardoino clarified that it was part of the pre-funding of SoftBank’s investment in Bitcoin-focused Twenty One Capital (XXI).
Within 48 hours of this transaction, 14,000 BTC, 4,812 BTC, and 7,000 BTC were sent to new wallets, all linked to the same Twenty One Capital project. SoftBank even moved another 917.47 BTC to a different address linked to the Twenty One Capital pre-funding.
⭐Beyond Bitcoin: Solaxy Seeing Epic Demand Boost
As USDT gains more interest, so does Solaxy, a project that continues to gain traction as a Solana Layer-2 solution with multi-chain capabilities. According to details on the official website, it has raised $45,893,464 in Presale thus far. With Solaxy, users are guaranteed increased scalability, lower fees, and more reliable transaction settlement.
👍About Solaxy, Use Case, and Its Tokenomics
During its presale, which will end in 7 days, Solaxy offers SOLX tokens at a discounted rate. Interested entities can make payments in ETH, USDT, BNB, and SOL. Once launched, SOLX will be key in accessing and interacting with the Solaxy layer-2 ecosystem.
Current Presale Stats:
- Current price: $0.00175
- Amount raised so far: $45 million
- Ticker: SOLX
- Date launched: December 2024
- Chain: Ethereum and Solana
- Total amount of tokens staked: 9,958,497,116 SOLX
For those eyeing high-stakes yield and looking to back a project pushing Solana’s technical limits, Solaxy is positioning itself as one to watch.
With a 116% staking yield and a focus on scalability through hybrid-chain infrastructure, it is more than another presale. It is a glimpse into the next wave of blockchain innovation. Users can join the new crypto presale using their cards or crypto.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
