Tether Bitcoin Archives - CryptoSens https://cryptosens.pro/tag/tether-bitcoin/ Latest Cryptocurrency News Sat, 03 Feb 2024 07:01:43 +0000 en-US hourly 1 https://wordpress.org/?v=6.7 https://cryptosens.pro/wp-content/uploads/2022/09/cropped-cropped-Favicon-512x512-2-32x32.png Tether Bitcoin Archives - CryptoSens https://cryptosens.pro/tag/tether-bitcoin/ 32 32 Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon https://cryptosens.pro/2024/02/03/expert-analysis-bitcoin-bottom-is-not-in-potential-30k-retest-on-the-horizon/?utm_source=rss&utm_medium=rss&utm_campaign=expert-analysis-bitcoin-bottom-is-not-in-potential-30k-retest-on-the-horizon https://cryptosens.pro/2024/02/03/expert-analysis-bitcoin-bottom-is-not-in-potential-30k-retest-on-the-horizon/#respond Sat, 03 Feb 2024 07:01:43 +0000 https://cryptosens.pro/2024/02/03/expert-analysis-bitcoin-bottom-is-not-in-potential-30k-retest-on-the-horizon/ expert-analysis:-bitcoin-‘bottom-is-not-in’,-potential-$30k-retest-on-the-horizon

Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action.…

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Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached. 

Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements. 

Tether Dominance Signals Concerns For BTC’s Price

Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range. 

Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements. 

Bitcoin

According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark. 

In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon.

On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure.

A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark. 

The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory.

Bitcoin Witnesses Stellar Accumulation Trend

Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors.

According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years. 

The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months.

Bitcoin

This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency. 

Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone. 

Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest.

These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment.

Bitcoin

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Accumulation: USDT Issuer Tether Goes On Massive 8,888 BTC Buying Spree https://cryptosens.pro/2024/01/20/bitcoin-accumulation-usdt-issuer-tether-goes-on-massive-8888-btc-buying-spree/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-accumulation-usdt-issuer-tether-goes-on-massive-8888-btc-buying-spree https://cryptosens.pro/2024/01/20/bitcoin-accumulation-usdt-issuer-tether-goes-on-massive-8888-btc-buying-spree/#respond Sat, 20 Jan 2024 01:01:36 +0000 https://cryptosens.pro/2024/01/20/bitcoin-accumulation-usdt-issuer-tether-goes-on-massive-8888-btc-buying-spree/ bitcoin-accumulation:-usdt-issuer-tether-goes-on-massive-8,888-btc-buying-spree

In an encouraging development for the crypto space, Tether, the issuer of the world’s largest stablecoin USDT, has…

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In an encouraging development for the crypto space, Tether, the issuer of the world’s largest stablecoin USDT, has doubled down on its Bitcoin investment momentum by acquiring a staggering 8,888 BTC, further diversifying its portfolio. 

Tether Increases Its Bitcoin Holdings

Tether has recently made its third largest Bitcoin purchase, as the stablecoin issuer added a total of 8,888 BTC valued at $380 million at the time of purchase. This brings its total BTC holdings to 66,465 BTC, valued at $2.81 billion with an average buy price of $42,353. 

This transaction was captured by BitInfoCharts data, which also showed the previous amounts of BTC accumulated by the blockchain-enabled platform. This recent purchase follows Tether’s Bitcoin investment strategy, in line with its vision to continuously strengthen its reserves by accumulating Bitcoin.

Earlier in May 2023, the stablecoin issuer announced in a blog post that it would regularly allocate 15% of its net realized operating profits toward increasing its BTC reserves. As of the end of March 2023, Tether held approximately $1.5 billion worth of cryptocurrency, a $1.3 billion difference from its total BTC holdings presently. 

According to reports from Dune Analytics, Tether has become the 11th largest Bitcoin holder, with Microstrategy, an American business intelligence service, surpassing Tether’s holdings with over 189,00 BTC accumulated. The other addresses in the top 10 rankings are owned by major crypto exchanges and governments, including Binance, Bitfinex and the US government. 

Tether’s decision to double down on its Bitcoin investments signals its confidence in the cryptocurrency’s future trajectory. It also underscores the blockchain platform’s belief in the long-term potential of BTC as it aims to capitalize on Bitcoin’s potential growth by bolstering and diversifying its digital asset reserve.  

Bitcoin price chart from Tradingview.com (Tether USDT)

BTC Accumulation Race Amidst ETF Hype

Tether’s strategic Bitcoin purchase comes at a time when the crypto market is buzzing with excitement over Spot Bitcoin ETFs. Before the approval of Spot Bitcoin ETFs, Tether had steadily increased its BTC portfolio, purchasing substantial quantities of BTC consistently. In March 2023, the stablecoin issuer bought 15,915 BTC and another 4,083 BTC between the months of May and September.

The timing of Tether’s BTC purchase suggests a proactive stance towards potentially seizing the opportunities brought forth by the Spot Bitcoin ETF market and the upcoming Bitcoin halving in April.

In addition to Tether’s large-scale BTC acquisition, Microstrategy is also another major player which has been continually increasing its BTC holdings. The business intelligence software company added a whopping 14,620 BTC to its portfolio in December 2023. At the time, the value of the purchase was about $615.7 million. 

Other companies with large BTC holdings include Galaxy Digital and Elon Musk’s Tesla, as well as space exploration company SpaceX.

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