BREAKING: Tether Holdings will start buying Bitcoin

As reported by Tether, starting this month, the institution that creates the most important stable cryptocurrency USDT so called stablecoin (cryptocurrency's equivalent of the US dollar) intends to make cyclical bitcoin purchases, allocating up to 15% of its realized operating profits. Nonetheless, these bitcoins should be considered an asset beyond the minimum reserves that 100% of Tether tokens secure. Tether Holdings declared $1,5 bln net profits in Q1 2023.

BITCOIN is currently trading in a consolidation zone between the psychological levels of $27,000 and $26,000. The major cryptocurrency has failed to break above the barrier set by the 50-day moving average, which may put partial pressure on the cryptocurrency. Local supports are set at the marked levels of previous breakouts. Source: xStation 5