Tether’s Market Share Grew By 21 Percent In 2023

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Today’s Cryptocurrency Headline

Crypto’s most valuable company is only getting bigger. Tether, the company that issues the USDT stablecoin, saw its share of the global stablecoin supply grow from 50% to 71% over the course of 2023, according to data from The Block. Furthermore, the company recently surpassed 95 billion stablecoins in circulation, a sum larger than the GDP of countries like Guatemala and Bulgaria. Its biggest current rival, Circle’s USD Coin (USDC), has merely 27 billion tokens in circulation after starting 2023 with over 48 billion. Tether recently faced a change in leadership, with longtime CTO Paolo Ardoino taking over the reins in December from former CEO Jean-Louis van der Velde, who has been described as “secretive.” Ardoino has been trying to cozy up to law enforcement and regulators in recent months by freezing USDT held in wallets sanctioned by the U.S. Office of Foreign Asset Controls (OFAC) and by “onboarding” law enforcement agencies onto the platform. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin has been all over the place in the past few days. The failure to sustain the price above $48,000 may have tempted short-term traders to book profits, which started a sharp fall on Jan. 12. The bulls and the bears are witnessing a tough battle near the support line of the ascending triangle pattern. Although buyers have managed to defend the support line on a closing basis, they have failed to start a meaningful recovery. This suggests that the bears are maintaining their pressure. The 20-day exponential moving average ($43,933) has started to turn down, and the relative strength index (RSI) is just below the midpoint, indicating that the bears are attempting a comeback. If the price stays below the triangle, the BTC/USDT pair could slump to $40,000 and $37,980. Buyers will have to propel the price above $44,700 to regain control. The support level is at $41,200, and the resistance level is at $43,800.

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