Tether's Treasury released two tranches yesterday, injecting $ 90 million to Bittrex.
The asset Tether (USDT) finally dammed the market yesterday, with a total of USD 90 million invested in the markets. There was no new press, but only a movement of funds from the treasure. In a previous transaction on Tuesday, Tether sent out 50 million tokens, followed by another tranche of 40 million tokens a few hours later.
This reduced the treasure to about 435 million US dollars, yet a formidable amount. The effect of injections in recent days has been to curb market slippage and cause Bitcoin (BTC) to recover, along with all other coins and tokens.
Trading was largely influenced by the USD, where volumes went above the equivalent of $ 3.5 billion, or nearly 25% of all crypto volumes in the market. The USDT is second only to BTC, which accounts for over 34% of the cryptographic volumes. Compared to these numbers, altcoins are very subtly exchanged; therefore the recovery in BTC easily influences their prices, starting to extract the coins from their last deep lows.
in the whole ecosystem, with USDT the most active, while the Ethereum-based versions of USDT and EURT see much less trading and use.
After a total of USD 140 million injected into Bittrex in the last two days, BTC has recovered to $ 6,350.90, returning to its usual domain levels. The market capitalization of BTC now accounts for 53.3% of the entire market. The previously growing influence of small-scale coins and tokens has been falling for months, as these assets lose value faster than BTC.
Despite the recent fall in prices, BTC added a net 58% year-on-year, while Ethereum (ETH) failed to grow at the same pace, breaking even at levels similar to last year. The influence of USD injections seems to affect the BTC first. In April and May, the USDT merged into altcoins, raising prices, but now the fixed price token is coming to the rescue for BTC.
The price of $ 6,000 is considered critical, as under it many mining plants would go under water, forcing the decision to dismantle the mines.
But while the USDT keeps its dollar peg, NuBits (USNBT) crashed from its dollar-like position, falling to $ 0.12. Now the dollar peg currency, which uses a form of stabilizing trade through NuShares (NSR) is struggling to recover its peg. The recent market crash is the deepest for the USNBT since June 2016. The currency has moved away from its dollar since March, but recent collapses have accelerated the slide.
Other fixed price tokens such as TrueUSD (TUSD) kept the peg, while BitUSD (BITUSD) rose to $ 1.11. Despite the many coins with dollar coins that use various mechanisms, the USDT token remains a leader in determining the pace of the markets.