Tether enhances its Bitcoin reserves with its latest acquisition

Crypto News– Tether, the company responsible for the Tether (USDT) stablecoin pegged to $1.00, acquired 8,888 Bitcoin (BTC) valued at $618 million on March 31st.

Tether enhances its Bitcoin reserves with its latest acquisition

After this acquisition, Tether’s wallet currently contains 75,354 Bitcoin, purchased at an average price of $30,305, totaling approximately $5.2 billion based on on-chain data at the time of writing.

According to CoinStats data, the wallet has seen a remarkable increase of over 128%, resulting in an unrealized profit of $2.94 billion.

The acquisition occurred during a period of heightened institutional interest in Bitcoin, driven by the approval of spot Bitcoin exchange-traded funds in the United States and the upcoming Bitcoin halving, which will halve block supply issuance in just 19 days.

Following the acquisition, Tether now ranks as the seventh-largest Bitcoin holder globally, as per Bitinfocharts data. Binance’s cold wallet holds the largest amount of Bitcoin, with over 248,597 Bitcoin valued at $17.31 billion at the time of reporting.

The company announced its intention to allocate 15% of its net profit into Bitcoin to diversify the backing assets of the stablecoin.

Tether’s USDT achieved a record $100 billion market cap on March 4th, marking a 9% year-to-date growth.

Bitcoin surpasses 69,000 Dollars, indicating the conclusion of the pre-halving correction

In the 24 hours leading up to 8:45 am UTC, the price of Bitcoin dropped by 1.23% to reach $69,523. Despite the market witnessing the largest quarterly options expiry event on March 29, the world’s first cryptocurrency has been maintaining its position above the $69,000 support line since March 25. Bitcoin achieved a new all-time high before the halving event for the first time in its history.

Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.

Rekt Capital

Basile Maire, the co-founder of D8X decentralized exchange and former UBS executive, stated to Cointelegraph that despite its robust price movement, the halving event has not been fully priced in yet. Additionally, Bitcoin has just closed seven consecutive monthly green candles for the first time ever.