Bitcoin's Hot Market Surge: $71,200 Breakthrough and Stable Currency Reserves Announcement

Super sudden hot market! Bitcoin breaks through $71,200 USDT, USDC stable currency major reserves announced

On Monday (March 11), Bitcoin broke through the $71,200 mark in the short term, once again setting a new historical peak. As the bull market continues, USDT, the world's largest U.S. dollar stablecoin, announced an emergency issuance of $2 billion to serve as inventory for future issuance requests and chain exchanges. USDC also stated that 250 million coins were minted on Solana, a well-known public chain in the United States, and they have increased their capital reserves.

On Monday (March 11), according to Whale Alert monitoring, USDT issuer Circle minted 250 million USDC on the Solana network.

Circle has announced a major leap forward by bringing its EURC stablecoin to the Solana blockchain. The move marks a critical moment for the utility of stablecoins, promising enhanced liquidity and wider adoption in the rapidly evolving digital finance space.

This is a significant development not only for Circle and Solana, but also for the broader cryptocurrency ecosystem. The move signals growing demand for stablecoins pegged to currencies other than the U.S. dollar and reflects the global nature of the cryptocurrency market. It may prompt other stablecoin issuers to explore similar expansion, diversifying the stablecoin offerings available to users around the world.

Last Saturday, Whale Alert disclosed that USDT issuer Tether Treasury minted 1 billion USDT. Within three minutes of the update, Whale Alert announced that Tether had minted another 1 billion USDT.

In 24 hours, USDT injected $2 billion into the crypto market, a development that generated significant interest from community members, with both tweets viewed more than 1 million times.

As shown in the community comments section, there is generally bullish sentiment towards Bitcoin. Market participants expect Bitcoin and the broader crypto market to see more significant gains from Tether’s $2 billion capital injection.

Meanwhile, Tether CEO Paolo Ardoino took the opportunity to provide a clarification aimed at dispelling any misinformation regarding the $2 billion USDT minting. He clarified that the deal had been authorized but not yet released. It is worth emphasizing that this amount will serve as inventory for future issuance requests and chain swaps.

The market consensus is that cryptocurrencies’ upward trajectory will continue until significant flows cease.

In another discussion, well-known analyst Michaël van de Poppe noted that altcoin market capitalization must increase by 70% to reach the previous cycle peak.

He expressed the same sentiment as Bitcoin broke through all-time highs above $71,000. Therefore, he observed that altcoins lag behind Bitcoin.

Meanwhile, analysts say there is a clear trend pointing to a short-term correction in the market, after which altcoins are expected to surge to the top.

热点：Bitcoin HOT SURGE