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Charlie Lee Suggests The Newly Printed Tether (USDT) are Signs Of a Bullish Crypto Market

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Tether

Some $250 Million worth of Tether (USDT) were minted just yesterday on the 25th of June. This has enabled the stable coin to leap past Tron (TRX) on coinmarketcap and according to market capitalization.

Tether (USDT) Edges out Tron (TRX) on coinmarketcap.com

The first to note the new USDT addition was the FOMO Bot on Twitter which posted the following:

Charlie Lee, the founder of Litecoin (LTC) was quick to comment on the newly minted USDT and had this to say:

Mr. Lee suggested that whenever Tethers were printed, the markets generally went up. Perhaps this is why a pair of researchers at the University of Texas (Austin) believed that USDT was used to prop up the price of Bitcoin (BTC) whenever the markets were in turmoil.

Charlie Lee’s observation hints at another way Tethers are used by crypto traders. When they deposit regular fiat in the form of USD, they get USDT in exchange. USDT is the de-facto digital version of the US Dollar in cryptocurrency exchanges. This is the current method of representing the USD on the blockchain. What then happens is that traders buy Crypto with the USDT. Charlie Lee also cautioned that the buying might not be right away and that all traders should do their own research before coming to any conclusions about the crypto markets.

With respect to the cryptocurrency markets, the panic that was experienced from last Friday has somewhat subsided. The total market capitalization has remained steady at levels above $250 Billion. The figure now stands at $252 Billion with Bitcoin (BTC) increasing its dominance to 42%. Normally, this dominance is stable at 37%. This means that in times of turmoil, many traders either cash out or buy some more BTC which seems to be a stable option to the numerous alt-coins out there.

However, many crypto analysts believe that we are not out of the woods yet. They believe that Bitcoin (BTC) might decline a bit further in the coming weeks as the correction comes to an end. After that, is when we will see the much awaited bullish crypto market.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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