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May 23,2023

Tether is stockpiling bitcoin for reserves when the price falls below $27,000

Bitcoin and ethereum led the decline in cryptocurrency prices on Thursday. BTC has fallen three of the last five days and is still hovering around $27,000 as it attempts to recapture its $30,000 level from April. Nonetheless, bitcoin is off its two-month lows set last Friday.

Meanwhile, Tether said on Wednesday that it will invest 15% of its net operating profit in bitcoin on a regular basis in order to "diversify" the reserves for its USDT stablecoin. Tether presently has $1.5 billion in bitcoin on hand.

Cryptocurrency Price Action

Bitcoin fell 2% in 24 hours to $26,750 late Thursday, following an overnight high at $27,470. BTC is approaching its two-month low of $26,300 set on Friday, as well as retreating from its April 14 top of $31,019, its highest level since last June. BTC has lost additional ground since May 5, when a transaction delay forced the price to fall on May 8. So far this year, the world's largest cryptocurrency has fallen about 62%.

Ethereum fell near $1,800 late Thursday, trading as low as $1,772 from an early morning high of $1,830. Ethereum reached a high of $2,139 on April 16 - its highest valuation since last May - and broke beyond the $2,000 barrier for the first time in nearly a year on April 13 following the Shanghai upgrade to a proof-of-stake network. The No. 2 cryptocurrency is up nearly 50% year to far.

Cryptocurrency Price Today |

Bitcoin Price Today | $26766.50 

Ethereum Price Today | $1804.19

Tether Price Today | $1.00 

BNB Price Today | $306.55

XRP Price Today | $0.46

Cardano Price Today | $0.36 

Dogecoin Price Today | $0.072 

Polygon Price Today | $0.850865 

Solana Price Today | $19.56 

Litecoin Price Today | $91.14 

Polkadot Price Today | $5.28

Tron Price Today | $0.074699 

Shiba Inu Price Today | $0.000008698 

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