Tether (USDT) Gets Closer to Emptying Treasury with 100M Token Intervention

The dollar-pegged asset has been sent to the Bitfinex hot wallet, with the largest daily tranche late on August 21 adding 100 million to the exchange.

The Tether treasury wallet has moved another large tranche of USDT tokens to the Bittrex hot wallet, sending 100 million tokens to the exchange. This is the first tranche since August 18, when just 20 million tokens were sent to Bittrex.

https://twitter.com/eurtprinter/status/1031974113504620544

The move had an immediate effect on all markets, lifting the price of Bitcoin (BTC) and altcoins alike. However, such interventions may be limited as the Tether treasury is now down to its last 150 million tokens. At this rate of interventions, it would not be long before a new printing. The latest bout of treasury transactions happened after BTC prices threatened to fall below the $6,000 range.

The USDT digital asset has also settled at number 8 on CoinMarketCap as other coins have fallen to lower levels. It may climb up further if the USDT supply increases by new coin minting. It is unknown when the tokens sent to Bitfinex would be sent back to the treasury and whether a new minting would be needed for now.

BTC trading volumes have thinned out to $4.1 billion, of which almost half is attributable to USDT pairs. Across exchanges, BTC has an average price of $6,707.89 as of 07:20 UTC, but the Bitfinex price lags at $6,690.06. Altcoins which only trade against BTC have also seen the most serious appreciation after the latest market intervention. However, some of the USDT injected also directly affects altcoins.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.