Bitcoin Price Eyes $75k in August as Tether Posts $5B Profit
The post Bitcoin Price Eyes $75k in August as Tether Posts $5B Profit appeared on BitcoinEthereumNews.com.
Tether (USDT), the world’s largest stablecoin issuer, has announced a remarkable profit of $5.2 billion for the first half of the year; market indicators suggest this could be bullish for Bitcoin’s short-term price action and long-term prospects. Tether Posts Record-Breaking H1 2024 Performance On July 31, 2024, Tether released an official attestation reports showing a record-Breaking $5.2 billion gains for H1 2024. This remarkable H1 performance includes a substantial $1.3 billion in net operating profits generated during the second quarter alone. In an impressive display of financial acumen, Tether’s ownership of U.S. Treasuries has surged to unprecedented levels. The firm’s exposure to US Treasuries now surpasses that of major economies including the UAE, Australia, and Germany. With this strategic positioning, Tether has ascended to the 18th spot globally among holders of U.S. debt, trailing only behind financial powerhouses like the United Kingdom and the Cayman Islands in terms of 3-month U.S. Treasury purchase. The latest quarterly attestation report from Tether reveals robust financial health, showcasing $118.3 billion in assets against $113.1 billion in liabilities at the close of the second quarter. This results in an impressive buffer of over $5 billion in excess reserves. Such a strong reserve position not only fortifies Tether’s stability but also reinforces confidence in the overall cryptocurrency market. Tether’s H1 Peformance Could Propel Bitcoin to new ATH This performance not only emphasizes Tether’s dominance in the Stablecoin sector, but also carries significant implications for the broader cryptocurrency ecosystem, particularly Bitcoin (BTC). Notably, Tether disclosed Bitcoin holdings of around 80,000 BTC. This substantial BTC reserve aligns with Tether’s earlier commitment to allocate 15% of its realized net operating profits towards Bitcoin investments. Tether USDT Attestation Report July 31 2024 This strategic move signals Tether’s bullish stance on Bitcoin, reflecting a broader market sentiment that could propel…
Filed under: News - @ August 2, 2024 3:24 am