Controversial stablecoin Tether (USDT) has issued $250 million dollars worth of tokens — which Litecoin creator Charlie Lee sees as a bullish sign.
‘Precursor of Price Going Up’
Tether has issued 250 million tokens (worth US$250) on June 25, according to Omni explorer.
This follows its previous grant issued on May 18 of another $250 million dollars in USDT — which some speculated caused Bitcoin’s price to rise by about $300 in the following three days. However, the general downtrend resumed as the short-lived bull run fizzled out towards the end of the month.
Nevertheless, the news caught the attention of Litecoin’s founder, Charlie Lee, who believe it is a sign that the price will go up sooner or later.
According to Lee, issuance of USDT could be compared to depositing cash in a cryptocurrency exchange with the caveat that these Tethers won’t necessarily be used for buying cryptocurrency right away.
Generally, this has been a precursor of price going up. Tether gets printed when people deposit USD and get USDT back. This USDT will then be used to buy crypto. This is similar to someone depositing $250MM to exchanges. Of course, that doesn’t mean …
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