Bitcoin industry figures are throwing their weight behind predictions Bitcoin price will reach $10,000 soon as Tether’s market cap passes $3 billion.
$10K BTC Next?
Stablecoin Tether, whose issuing company has continued its activities as normal despite an ongoing US court case, increased its supply by 100 million USDT tokens May 24.
The release coincided with Bitcoin price reclaiming its position at $8000, where it has mostly stayed since, reaching local highs of $8170 Friday.
Now, bulls are poised to welcome another significant Bitcoin price barrier returning: $10,000 – a level BTC has not seen since March last year.
Among them was Max Keiser, who linked to a mainstream media analysis suggesting Bitcoin was “coiling up” in order to hit a five-figure price. The wall street veteran previously reaffirmed that BTC is on its way to $100,000, saying it’s inevitable as the BTC still hasn’t reached its full potential.
As Bitcoinist has reported, printing of USDT traditionally impacts Bitcoin price, introducing volatility while sustaining BTC/USD [coin_price].
In April, after several weeks of supply inflation, Tether’s $2.83 billion market cap broadly mirrored Bitcoin’s performance through the month. Since April 1, BTC has transformed, going from $4100 to $8100.
Tether Court Case Loses Steam
For Tether, pressure which began later in April with an indictment against both it and sister company, exchange Bitfinex, has also lessened in recent days.
A New York court dealing with accusations of mismanagement from the jurisdiction’s Attorney General appears to be increasingly in favor of the defendants, Bitcoinist reported. Having agreed the charges brought by the AG were overly wide, the presiding judge, Joel M. Cohen, has scheduled a hearing to dismiss the case entirely on July 29.
“We welcome Justice Cohen’s decision, which reflects that our motion raises significant legal challenges to the validity of the Attorney General’s actions,” Tether responded in a statement this week.
This order is another victory in the ongoing defense of our businesses against the New York Attorney General’s overreach, and it comes on the heels of Justice Cohen’s ruling last week granting our motion to significantly narrow the injunction against our businesses obtained by the Attorney General.
Executives have further revealed that as yet unknown “big news” will shortly be made public.
Meanwhile, Bitcoin markets more generally appear less fazed by events from within the ecosystem in the 2019 bull market. Worries over a hack of fellow exchange Binance earlier in May, like the court case, only succeeded in suppressing Bitcoin price for a matter of days before a rebound set in.
What do you think about Tether’s market cap and Bitcoin price impact? Let us know in the comments below!
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