{"id":600965,"date":"2024-04-02T13:00:48","date_gmt":"2024-04-02T13:00:48","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=600965"},"modified":"2024-06-11T07:57:59","modified_gmt":"2024-06-11T07:57:59","slug":"tether-buys-8888-bitcoin","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/tether-buys-8888-bitcoin\/","title":{"rendered":"Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?"},"content":{"rendered":"

On-chain data shows that the <\/span>world\u2019s largest stablecoin issuer, Tether<\/span><\/a>, recently added more <\/span>Bitcoin<\/span> to its holdings. The magnitude of the purchase has caused the crypto community to speculate on why <\/span>Bitcoin\u2019s price<\/span><\/a> has dipped instead when such a development is usually bullish for the crypto token.\u00a0<\/span><\/p>\n

Tether Acquires 8,888 BTC<\/h2>\n

Data<\/span><\/a> from the <\/span>blockchain analysis platform Arkham Intelligence<\/span><\/a> shows that Tether acquired 8,888 Bitcoin on March 31, and the stablecoin issuer now holds almost 75,400 BTC. With its BTC holding, Tether now ranks as one of the <\/span>largest Bitcoin holders<\/span><\/a>, even having more BTC than some of the most prominent crypto exchanges and <\/span>Spot Bitcoin ETF issuers<\/span><\/a>.<\/span><\/p>\n

Last year, the stablecoin issuer <\/span>announced<\/span><\/a> its plan to <\/span>regularly purchase Bitcoin<\/span><\/a> for its stablecoin reserves using part of the profits realized from its operations. Therefore, it is no surprise that the company has been able to acquire this amount of BTC since then, especially with the success they have attained recently.\u00a0<\/span><\/p>\n

However, what is surprising is that Bitcoin has since dropped below $70,000 following this development. Usually, a <\/span>Bitcoin purchase<\/span><\/a> of such size should positively impact Bitcoin\u2019s price and not cause a price dip like the one currently experienced. However, there is reason to believe other factors have overshadowed Tether\u2019s purchase and caused Bitcoin to see such a <\/span>sharp correction<\/span><\/a>.\u00a0<\/span><\/p>\n

Why The Bitcoin Price Is Down<\/h2>\n

Crypto trading firm QCP Capital<\/span><\/a> recently <\/span>provided<\/span><\/a> insights into why Bitcoin\u2019s price broke below $70,000 and dropped to as low as $66,000. The firm claimed that the sharp move to the downside was due to the \u201clarge liquidations on retail-heavy exchanges like <\/span>Binance<\/span><\/a>, which saw perp funding rates go from as high as 77% to flat.\u201d<\/span><\/p>\n

Related Reading: Shiba Inu Dips Below $0.00003 Again \u2013 Can Bulls Reverse The Bullish Momentum?<\/a><\/div>\n

The Spot Bitcoin ETFs, specifically <\/span>Grayscale\u2019s GBTC<\/span><\/a>, also look to have contributed to Bitcoin\u2019s decline as Grayscale continues to experience significant outflows from its fund. On April 1, GBTC saw an <\/span>outflow<\/span><\/a> of $302.6 million, mainly contributing to the combined net outflows of $85.7 million recorded by these Bitcoin ETFs.This has brought about more <\/span>selling pressure<\/span><\/a> on Bitcoin, which is currently overwhelming the buying pressure in the ecosystem.\u00a0<\/span><\/p>\n

Activity in the <\/span>derivatives market<\/span><\/a> has also played a part in the bearish market sentiment, with the bears looking firmly in control. Data from Coinglass shows that $409 million has been liquidated from the market in the last 24 hours, with $328 million in long positions being wiped out during this period.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $66,500, down over 4% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price falls to $65,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CFA Institute Blog, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that the world\u2019s largest stablecoin issuer, Tether, recently added more Bitcoin to its holdings. The magnitude of the purchase has caused the crypto community to speculate on why Bitcoin\u2019s price has dipped instead when such a development is usually bullish for the crypto token.\u00a0 Tether Acquires 8,888 BTC Data from the blockchain analysis platform Arkham Intelligence shows that Tether acquired 8,888 Bitcoin on March 31, and the stablecoin issuer now holds almost 75,400 BTC. With its BTC holding, Tether now ranks as one of the largest Bitcoin holders, even having more BTC than some of the most prominent crypto exchanges and Spot Bitcoin ETF issuers. Last year, the stablecoin issuer announced its plan to regularly purchase Bitcoin for its stablecoin reserves using part of the profits realized from its operations. Therefore, it is no surprise that the company has been able to acquire this amount of BTC since then, especially with the success they have attained recently.\u00a0 However, what is surprising is that Bitcoin has since dropped below $70,000 following this development. Usually, a Bitcoin purchase of such size should positively impact Bitcoin\u2019s price and not cause a price dip like the one currently experienced. However, there is reason to believe other factors have overshadowed Tether\u2019s purchase and caused Bitcoin to see such a sharp correction.\u00a0 Why The Bitcoin Price Is Down Crypto trading firm QCP Capital recently provided insights into why Bitcoin\u2019s price broke below $70,000 and dropped to as low as $66,000. The firm claimed that the sharp move to the downside was due to the \u201clarge liquidations on retail-heavy exchanges like Binance, which saw perp funding rates go from as high as 77% to flat.\u201d Related Reading: Shiba Inu Dips Below $0.00003 Again \u2013 Can Bulls Reverse The Bullish Momentum? The Spot Bitcoin ETFs, specifically Grayscale\u2019s GBTC, also look to have contributed to Bitcoin\u2019s decline as Grayscale continues to experience significant outflows from its fund. On April 1, GBTC saw an outflow of $302.6 million, mainly contributing to the combined net outflows of $85.7 million recorded by these Bitcoin ETFs.This has brought about more selling pressure on Bitcoin, which is currently overwhelming the buying pressure in the ecosystem.\u00a0 Activity in the derivatives market has also played a part in the bearish market sentiment, with the bears looking firmly in control. Data from Coinglass shows that $409 million has been liquidated from the market in the last 24 hours, with $328 million in long positions being wiped out during this period.\u00a0 At the time of writing, Bitcoin is trading at around $66,500, down over 4% in the last 24 hours, according to data from CoinMarketCap. BTC price falls to $65,000 | Source: BTCUSD on Tradingview.com Featured image from CFA Institute Blog, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":600992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-600965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nTether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?<\/title>\n<meta name=\"description\" content=\"On-chain data shows that the world\u2019s largest stablecoin issuer, Tether, recently added more Bitcoin to its holdings.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/shenyangcang.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?","url":"http:\/\/shenyangcang.com\/news\/tether-buys-8888-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/tether-buys-8888-bitcoin\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/04\/Bitcoin-Small.jpeg?resize=200%2C196","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/04\/Bitcoin-Small.jpeg?fit=320%2C196"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-04-02T13:00:48Z","datePublished":"2024-04-02T13:00:48Z","dateModified":"2024-06-11T07:57:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/tether-buys-8888-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/tether-buys-8888-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin-Small.jpeg?resize=200%2C196\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin-Small.jpeg?fit=320%2C196\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-04-02T13:00:48Z\",\"datePublished\":\"2024-04-02T13:00:48Z\",\"dateModified\":\"2024-06-11T07:57:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/04\/Bitcoin-Small.jpeg?fit=320%2C196","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/600965"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=600965"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/600965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/600992"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=600965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=600965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=600965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}