Fundamental Development:-
Tether supply starts to increase after three-month decline
The world’s largest stablecoin, Tether (USDT) has expanded its circulating supply following almost three months of reductions, in what could be a sign the crypto markets are slowly recovering. The first mint in almost three months occurred on July 29, and there have been three more, with the latest on August 2, according to CoinMarketCap. The USDT injections have been small, however, lifting Tether’s market cap by just 0.7% or just under $500 million. According to the Tether transparency report, there is now 66.3 billion USDT in circulation. This gives the stablecoin a total market share of around 43%.Tether supply reached an all-time high in early May when it topped 83 billion USDT. The collapse of the Terra ecosystem, resultant crypto contagion, and large-scale redemptions forced the company to reduce the circulating supply, which fell 21% to a low of 65.8 billion in late July.This has enabled rival company Circle to increase the market share of its stablecoin USDC, which now commands a 36% slice with a $54.5 billion market cap. As reported by Cointelegraph last month, USDC volume on Ethereum actually flipped Tether’s for a period as the number two stablecoin continues to catch up.
Short Term Technical View: On daily period, BTC is trading below 200 simple moving averages and trading near previous day low. Yesterday BTC made High 23,800 and decline and took support from 22800 levels. Yesterday it made low near $22,800.Bitcoin is struggling to gain momentum above $23,400.
Alternative Scenario: If Bitcoin fails to clear the $23,400 resistance zone, it could start another decline. An immediate support on the downside is near the $22,400 level.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Tether supply starts to increase after three-month decline
The world’s largest stablecoin, Tether (USDT) has expanded its circulating supply following almost three months of reductions, in what could be a sign the crypto markets are slowly recovering. The first mint in almost three months occurred on July 29, and there have been three more, with the latest on August 2, according to CoinMarketCap. The USDT injections have been small, however, lifting Tether’s market cap by just 0.7% or just under $500 million. According to the Tether transparency report, there is now 66.3 billion USDT in circulation. This gives the stablecoin a total market share of around 43%.Tether supply reached an all-time high in early May when it topped 83 billion USDT. The collapse of the Terra ecosystem, resultant crypto contagion, and large-scale redemptions forced the company to reduce the circulating supply, which fell 21% to a low of 65.8 billion in late July.This has enabled rival company Circle to increase the market share of its stablecoin USDC, which now commands a 36% slice with a $54.5 billion market cap. As reported by Cointelegraph last month, USDC volume on Ethereum actually flipped Tether’s for a period as the number two stablecoin continues to catch up.
Short Term Technical View: On daily period, BTC is trading below 200 simple moving averages and trading near previous day low. Yesterday BTC made High 23,800 and decline and took support from 22800 levels. Yesterday it made low near $22,800.Bitcoin is struggling to gain momentum above $23,400.
Alternative Scenario: If Bitcoin fails to clear the $23,400 resistance zone, it could start another decline. An immediate support on the downside is near the $22,400 level.
Hourly MACD – The MACD is now gaining pace in the bearish zone.