Tether Leader Provides Infrequent Remarks on Bitcoin's Value
In a recent development, the price of Bitcoin (BTC) has surged to around $117,272, before easing slightly ahead of the Federal Reserve's rate decision. As of the article's publication, Bitcoin's price stands at approximately $116,200.
This rebound in Bitcoin's price is supported by significant inflows of $292.27 million into Bitcoin Exchange Traded Funds (ETFs) in the last day. The price drop below $110,000 earlier this month has now been reversed, with Bitcoin climbing more than $7,000 since.
Tether, the stablecoin with a market cap of $171 billion, holds 92,646.2 BTC, equivalent to around $10.76 billion. Tether is the main trading pair across global exchanges, and its involvement in the market is often a key factor in Bitcoin's price movements.
Paolo Ardoino, CEO of Tether, made a statement about Bitcoin's price, focusing on the $117,000 mark. Ardoino highlighted this price as a significant milestone, possibly indicating confidence in Bitcoin's future growth and market potential. However, it's important to note that this statement does not represent a price prediction from Ardoino.
The rebound in Bitcoin's price is also attributed to low exchange reserves, which are contributing to the cryptocurrency's current upward trend.
The price of 117,000 USD for Bitcoin was specifically mentioned by Ardoino as a marker that the market should track. This suggests that Bitcoin's recovery has reached a level with psychological and technical weight.
In summary, the price of Bitcoin has recently surged to around $117,272, before easing slightly. Tether, the stablecoin, holds a significant amount of Bitcoin, and its CEO, Paolo Ardoino, has highlighted the $117,000 mark as a significant milestone for Bitcoin. The rebound in Bitcoin's price is supported by ETF inflows and low exchange reserves.
