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Crypto Traders on Alert As Tether Prints 150 Million USDT – BTC, XRP, Ethereum, Litecoin Forecasts

June 11, 2019

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Tether, the company behind the leading stablecoin USDT, just printed $150 million worth of tokens.

The move has grabbed the attention of crypto traders who are wondering if the controversial stablecoin could trigger yet another swing in the price of Bitcoin.

Historically, when Tether prints USDT and sends it to cryptocurrency exchange Bitfinex, the price of Bitcoin goes up, indicating the tokens are being used to buy BTC. The price hike typically fuels demand, causing the price to spike. While Bitfinex and Tether are both owned by iFinex, Inc., Bitfinex has long denied that USDT is used to manipulate the price of BTC.

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Currently, although Tether has just printed more USDT, Whale Alert has not yet tracked any transfers of the tokens to any crypto exchanges.

?????????? 150,000,000 #USDT ($150,000,000 USD) minted at Tether Treasury

Tx: https://t.co/dJtHcJeKH9

— Whale Alert (@whale_alert) June 11, 2019

Right now, the market is a sea of red, with Litecoin standing tall after hitting a new high for 2019. Bitcoin is down 1.12% at $7,891 according to COIN360. Ethereum is down 0.51% at $243.95. XRP is down 1.42% at $0.3921, and Litecoin is up 7.96% at $136.85.

Technical analysts are tracking Bitcoin’s sideways movement while reading the tea leaves for altcoins.

Bitcoin

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Ethereum

XRP, Litecoin, Bitcoin Cash

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.