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Bitcoin Hits $76,200 as Tether Issues $2B in USDT, Boosting Market Sentiment

  • November 7, 2024
  • Posted by: admin
  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Bitcoin 9% Away From its ATH-Here’s Why The Upcoming Bull Market Peak is Way Ahead of $100K

The post Bitcoin Hits $76,200 as Tether Issues $2B in USDT, Boosting Market Sentiment appeared first on Coinpedia Fintech News

The fear of further cryptocurrency selloff in the near term has significantly diminished as Bitcoin (BTC) price closed the daily candle above $75.6k for the first time since its inception. The flagship coin rallied to a new all-time high of about $76,243 on Wednesday, before retracing to about $75k on Thursday during the early European session.

According to the latest market data, Bitcoin’s fear and greed index surged to 77 percent, suggesting extreme greed from traders. Moreover, the re-election of pro-crypto candidates in the recently concluded US elections has triggered the entrance of FOMO traders. 

Additionally, market experts anticipate the Federal Reserve and the Bank of England (BoE) to cut the respective interest rates later today, in a bid to foster economic growth.

Whales and Retail Investors Increases Appetite Amid Anticipated Parabolic Rally

Following the notable shift in political sentiment in the United States regarding the crypto industry, more investors have doubled down their holdings in the cryptocurrency market. Furthermore, Gold investors are now turning to Bitcoin as a hedge factor following the re-election of Donald Trump earlier this week.

In the past 24 hours, stablecoin issuers issued more than $3 billion on different chains led by Ethereum. According to on-chain data analysis by Spot On Chain, the Tether Treasury injected 1.845 billion in USDT to exchanges on Ethereum over the last 24 hours. The majority of these were sent to the Binance exchange, while the rest were distributed to Coinbase, OKX, and Kraken.

Meanwhile, Jeremy Allaire, co-founder and CEO of Circle, announced that nearly $2 billion has been issued in the past week. 

In the past 24 hours, more than $1.2 billion was printed by Circle on different chains. Historically, an increase in stablecoins supply through minting has been viewed as a bullish signal, as investors have been preparing to purchase more coins.

With the notable cash inflows to the US spot BTC ETFs in the past week, it is safe to assume that a major bull rally is on the horizon.

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