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 00.
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,