Bitcoin lost just over 17% in its price which has shaken the market in a way it hasn’t seen for a long time.

Many cryptocurrency users saw this as an opportunity to buy into the leading cryptocurrency however, many were looking more towards Tether Treasury minting 60 million of its token.

I can only assume that many of our readers have been frantically looking at their crypto portfolio the past 24 hours in the hope that the cryptocurrency market hasn’t crashed yet again…

At the start of this week, bitcoin lost just over 17% in its price which has shaken the market in a way it hasn’t seen for a long time. Many cryptocurrency users saw this as an opportunity to buy into the leading cryptocurrency however, many were looking more towards Tether Treasury minting 60 million of its token.

According to live trackers on big crypto transactions, Whale Alert, Tether minted around 60 million USDT on the 9th of March this week on the Ethereum blockchain.

However, before any words were said on the matter, the chief technology officer of Bitfinex and Tether, Paolo Ardoino said that it was an inventory refresh.

Ardoino further went on to say:

“PSA: Inventory replenish. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.”

After the minting of the new 60 million tokens, 35 million USDT was sent from Tether Treasury to most likely its exchange wallet for redistribution to other platforms such as Binance, Huobi, and OKEx.

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!