Bitcoin (BTC) Price Today Shows Extreme Greed as Tether (USDT) Injects $2B into Ethereum and Exchanges

Tether injected $2B in USDT into Ethereum and exchanges like Binance, further driving Bitcoin (BTC) price upward. Bitcoin Price Today is showing extreme greed

Bitcoin price hit a new record high above $76,000 on Wednesday, and hovered around $75,000 on Thursday morning, as further inflows into cryptocurrency exchanges and upcoming interest rate cuts fueled optimism for more price gains.

Bitcoin price scaled a new peak of $76,243.03 on Wednesday, according to Bitstamp exchange data. The world’s largest cryptocurrency later slipped to around $75,000 on Thursday, during the early European session.

Bitcoin price showed extreme greed, according to the latest reading from the Fear and Greed Index - a measure of traders' sentiment toward the market. The index reading stood at 77% of a possible 100% on Thursday, suggesting growing bullish momentum.

The latest record high comes amid growing optimism for further price gains and anticipation of U.S. federal and Bank of England interest rate cuts, to be announced later on Thursday.

Meanwhile, the U.S. elections concluded this week with several pro-cryptocurrency candidates getting re-elected into office.

Bitcoin price hit a new record high above $76,000 on Wednesday, and hovered around $75,000 on Thursday morning, as further inflows into cryptocurrency exchanges and upcoming interest rate cuts fueled optimism for more price gains.

Bitcoin price scaled a new peak of $76,243.03 on Wednesday, according to Bitstamp exchange data. The world’s largest cryptocurrency later slipped to around $75,000 on Thursday, during the early European session.

Bitcoin price showed extreme greed, according to the latest reading from the Fear and Good Index - a measure of traders' sentiment toward the market. The index reading stood at 77% of a possible 100% on Thursday, suggesting growing bullish momentum.

The latest record high comes amid growing optimism for further price gains and anticipation of U.S. federal and Bank of England interest rate cuts, to be announced later on Thursday.

Meanwhile, the U.S. elections concluded this week with several pro-cryptocurrency candidates getting re-elected into office.

Stablecoin Issuers Minted Over $3B in Past 24 Hours Led by Ethereum, BTC Spot ETFs Saw Cash Inflows

In the past 24 hours, stablecoin issuers minted more than $3 billion on different chains led by Ethereum. According to on-chain data analysis by Spot On Chain, the Tether Treasury injected 1.845B $USDT to exchanges on Ethereum over the last 24 hours.

The majority of these were sent to the Binance exchange, while the rest were distributed to Coinbase, OKX, and Kraken.

Notably, this injection follows Tether Treasury minting 2B $USDT on #Ethereum and burning 1B $USDT on #Tron… https://t.co/wtZXYCXxfc pic.twitter.com/SFUDo7b7tw

In the past 24 hours, stablecoin issuers issued more than $3 billion on different chains led by Ethereum. According to on-chain data analysis by Spot On Chain, the Tether Treasury injected 1.845B $USDT to exchanges on Ethereum over the last 24 hours.

The majority of these were sent to the Binance exchange, while the rest were distributed to Coinbase, OKX, and Kraken.

Meanwhile, Jeremy Allaire, co-founder and CEO of Circle, announced that nearly $2 billion has been issued in the past week.

In the past 24 hours, more than $1.2 billion was printed by Circle on different chains. Historically, an increase in stablecoins supply through minting has been viewed as a bullish signal, as investors have been preparing to purchase more coins.

With the notable cash inflows to the US spot BTC ETFs in the past week, it is safe to assume that a major bull rally is on the horizon.

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