JAKARTA – USDT stablecoin issuer, Tether, recently issued 1 billion of its stablecoins. The issuance is considered a sign of a bullish crypto market signal.
WhaleAlert reports that Tether scored an additional one billion USDT. The stablecoin was re-launched after a three-month hiatus. This information was conveyed by WhaleAlert through its official Twitter post on August 3, 2022.
Market analysts and crypto enthusiasts tend to believe that the increasing supply of stablecoins is more of a bullish signal for the crypto market. For example, according to Binance boss Changpeng Zhao or commonly known as CZ, assessing the growth in the supply of stablecoins is a positive signal for the long-term bullishness of cryptocurrencies.
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While according to Blockware analyst Will Clemente sees this from a slightly different perspective. According to him, the fewer stablecoins on the market, the better, as an oversupply combined with a lack of buyers could lead to a downturn in the crypto market.
At the same time, according to Clemente's model, if the number of stablecoins in circulation starts to decrease, it will signal the growth of crypto assets. However, the crypto expert agrees with CZ's view regarding the growth of stablecoins and their impact on the crypto market.
Yesterday, the crypto community observed a visit made by the chairman of the US House of Representatives, Nancy Pelosi, to Taiwan. On the eve of the flight, the market is in decline, as no one knows the outcome. However, her landing in Taiwan successfully brought positive news. The crypto market is starting to bounce along with the S&P 500 Index on the back of the good news, as reported by U.Today.
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