Tether Treasury is on a minting spree as bitcoin’s price rose above $9,000

As the price of bitcoin surged sharply in the last 12 hours, the Tether Treasury is on a minting spree. When the price of the leading cryptocurrency reached from $8,000 to $9,000, the stablecoin treasury had minted over 160 million new tokens. The first $60 million were created when Bitcoin was valued at just over $8,000. The second transaction of $100 million USDT was issued just before bitcoin’s price pushed past $8,500.

Significant USDT movement on Binance and Huobi from whales

During the same period, there has been significant USDT movement from whales between two major crypto exchanges Binance and Okex. In just under 12 hours, 91 million USDT tokens were transferred from unknown wallets to the two exchanges, with the bulk of $85 million in USDT over two transactions going to Binance.

However, only 2 million USDT tokens were transferred out of the Tether Treasury. Since the creation of USDT, nearly $7.8 billion in total USD assets have been minted. There have been theories claiming that firm’s seemingly flippant issuance of tokens might have been driving up other crypto prices. However, according to a new study from the Centre for Economic Policy Research, stablecoins are not driving up the prices of bitcoin or other cryptocurrencies.

Bitcoin whales believe that the current bull run is fake.

The price of bitcoin is expected to touch $10,000 in the short-term as the leading cryptocurrency witnessed, and upsurge in the last 12 hours. However, several bitcoin whales are claiming that the currency BTC bullish run is fake, and big players are manipulating small traders using the halvening narrative. Bitcoin halvening is scheduled to take place next month, which would reduce the block reward by half. Currently, the reward for each block mined is 12.5 BTC, which would be reduced to 6.25 BTC post halvening next month. Several crypto miners risk getting out of business as their earnings would be reduced massively.