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Tether, the developer of USDT, has added 8,888 Bitcoins to its holdings valued at around $735 million at the time of the transaction. This latest market move by the popular stablecoin issuer was reported by Arkham.

In a snapshot offered by Arkham on its official website, it revealed that the stablecoin company withdrew 8,888 Bitcoins from Bitfinex, a leading exchange and Tether’s sister company, on Monday. 

Source: Arkham

Tether’s latest transaction pushes its Bitcoin holdings to 92,647, valued at $7.7 billion at current market prices. With this latest boost to its crypto holdings, Tether remains one of the biggest Bitcoin holders in the industry.

Tether Slowly Builds Its Bitcoin Reserve

In the last few weeks, Bitcoin was the among the main agenda of US President Donald Trump for a Strategic Bitcoin Reserve (SBR). But last Monday, Tether made its presence felt by adding more Bitcoins to its already huge crypto reserve.

Tether’s crypto reserve is one of the biggest in the business as it’s used to back up its stablecoin, the USDT. Currently, Tether controls over5 60% of the total stablecoins market, with a market cap of $144 billion, compared to a total of $234 billion valuation for the whole stablecoin industry.

Tether’s latest transaction puts it in the big league, making it the sixth biggest holder of Bitcoin. According to Bitcoin Treasuries, Tether is the second-largest private holder of the asset, below Block.one. But if we zoom out and consider other entities and publicly-traded companies, Strategy (formerly MicroStrategy), and the top spot Bitcoin ETFs issuers beat Tether’s holdings.

Commitment To Invest In Bitcoin

Tether’s latest Bitcoin acquisition reflects the company’s commitment to Bitcoin. Interestingly, the company pledged to use a part of its net profit to buy additional Bitcoins. The company committed last May 2023, and stated that it will use 14% of its net profits to buy additional Bitcoins.

Tether’s most recent Bitcoin purchase was 8,404, which was made last December, which pushed its holdings to 83,759.

$1B USDT Into Reserves

Tether’s latest Bitcoin purchase coincided with the minting of fresh tokens. According to on-chain data, the stablecoin company minted $1 billion in tokens on Tron. Tether CEO Paolo Ardoino has confirmed the minting of a new USDT. 

According to Ardoino, the minting of new USDT was authorized, but he insisted that this batch is not yet included in the circulation. They added that the newly minted USDT is now part of their inventory and will be used for future issuance requests. Tether has already minted $8 billion tokens on Tron since the start of the year, and recorded $22 billion worth of USDT minted last year.

Featured image from Pixabay, chart from TradingView

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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.

Expert Reveals Time For XRP Price To Hit $27

In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.

Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.

In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.

In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.

Decision Time For The Altcoin

In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”

The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.

The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.

CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.

For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.