Due to the development, the total Bitcoin holding of Tether’s BTC address, the sixth largest BTC address in the world, has grown to 92647 BTC. Time to explore more!
Tether, the company behind the stablecoin USDT, has reportedly withdrawn at least 8,888 BTC tokens from the Bitfinex hot wallet. A hot wallet is like an easily accessible bank account for the exchange, which is used for frequent transactions. At the time of withdrawal, these 8,888 BTC tokens were worth approximately $735 million.
Following the withdrawal, the main Bitcoin holding address of Tether has grown to no fewer than 92,647 BTC tokens. The price of Bitcoin stands at $82,990.57. This means that Tether’s BTC holding is worth at least $7,688,827,338.79.
The company is planning to increase its Bitcoin reserve over time. Already, Tether declared that it would use at least 15% of its profit to regularly buy more Bitcoin.
However, in the last 24 hours, it has surged by approximately 1%. The 24-hours trading volume of BTC sits at $28,086,253,203. Bitcoin’s On-Balance Volume is -852.46K.
The cryptocurrency market has been performing poorly in recent times. For instance, the total crypto market cap has dropped by 3.1% in the last 30 days. In the last seven days alone, the market has declined by around 4%.
As Tether is one of the largest Bitcoin holders, its investment strategy could have significant implications for the crypto market. For instance, the company’s move could reduce market liquidity.
Moreover, Te
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