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In a significant development for the cryptocurrency sector, TRC20-USDT has reached an issuance milestone of 60 billion.
This stablecoin now boasts 47.3 million holding accounts and has facilitated over 1.85 billion transfers, highlighting its growing popularity. Users only need a TRC-20 wallet to participate in this expanding crypto ecosystem.
How news affects crypto prices
Understanding the factors behind TRC20-USDT’s success requires a closer look at the broader cryptocurrency market and how news impacts it.
For crypto traders and investors, staying informed about news is crucial as it can significantly influence price movements.
Government rules and their ripple effect
Government regulations play a profound role in the crypto market. Announcements about new policies or even hints at recognising cryptocurrencies like Bitcoin can cause notable price fluctuations.
Here’s how different types of regulatory news can affect Bitcoin:
- Regulatory green light: Typically leads to a price increase.
- Regulatory crackdown: Often results in a price decrease.
- General regulatory talk: Can cause significant price swings.
Investors react swiftly to these announcements, adjusting their strategies based on the expected market impact.
The power of market sentiment
Market sentiment, driven by news, also plays a crucial role in determining crypto prices.
Media stories, social media posts, and public discussions can rapidly influence investor behaviour, leading to quick price changes.
- Good news: Increases demand, raising prices.
- Bad news: Decreases demand, lowering prices.
- Public chatter: This can result in rapid price shifts.
Understanding these market sentiments helps traders make informed decisions based on the latest news.
Tether’s big move in the Philippines
In another notable development, Tether’s USDT has been integrated into the Philippine social security system.
Starting July 2, 2024, residents can use a Tether USDT wallet for their social security payments, marking a significant step for stablecoins in government transactions.
The post TRC20-USDT surges to 60 billion issuance milestone appeared first on Invezz
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.