The bitcoin exchange rate on Thursday, May 18, strengthened to $27,394 during the European session. Support intensified at the beginning of today’s session, investors entered the stock markets of the Asia-Pacific region. BTC rose slightly following the increase in the value of shares of IT companies.
Traders also increased their investment in bitcoin amid reports that Tether is ready to transfer part of its reserves to BTC.
The issuer of the largest stablecoin plans to invest about 15% of the profits in bitcoin as part of portfolio diversification, according to Bloomberg. All purchased BTC will be treated as additional assets used to support USDT tokens.
The company clarified that at the moment it has invested about $1.5 billion in BTC. It acquired the cryptocurrency at the end of March.
The Tether administration confirmed this week that the stablecoin issuer has excess reserves and can fully meet its obligations to any investors.
The capitalization of USDT in mid-May increased to $82.847 billion.
Investors who were withdrawing capital from Binance USD and USD Coin switched to Tether, which had a positive effect on its market supply.
