Bitcoin broke the significant resistance of $10,500, which made many observers anticipate the next move of the crypto king with some optimism.

Data has been published showing large deposits of Tether USDT towards cryptocurrency exchanges, setting a new record that has not been achieved in 8 months, indicating the high fear of FOMO among investors, and quickly entering the market to catch up with the Bitcoin bullish wave.

Tether deposited to exchanges after Bitcoin surged above $10,000:

Bitcoin managed to break the $10,000 level a few days ago, which attracted a lot of investors.

According for data Presented by cryptocurrency analytics firm Glassnode, cryptocurrency exchanges have received the largest influx of tether they have seen in almost 8 months.

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This may indicate rising sentiment for FOMO and investors’ fear of missing out on the opportunity for Bitcoin to rally.

The massive influx into the trading platforms coincided with Bitcoin rising above the key resistance level at $10,500.

Last year, something similar happened to what is happening now, with USDT coins pouring into crypto exchanges in late October, coinciding with Chinese President Xi Jinping urging his country to increase investment in blockchain technology.

Although the Chinese president’s statement was urging the adoption of the blockchain more broadly, Bitcoin also reacted and rose from $7,500 to more than $10,000.

Shortly thereafter, USDT coins flooded heavily into cryptocurrency exchanges, but Bitcoin started falling and returned to the $7,000 level within a few weeks after that.

Will Bitcoin break what happened back in October 2019:

As mentioned above, the bitcoin price fell after the October 2019 rally.

But currently, many indicators indicate that the result this time will be different from what it was before.

Many analysts believe that the current economic conditions and the outbreak of the Corona virus indicate a greater appetite for Bitcoin and other alternative digital currencies.

Read:India’s Bharatiya Janta Party (BJP) accused of stealing up to $12 billion in Bitcoin

In conclusion, we note that it is possible to buy and sell tether coins USDT and other digital currencies directly from the Arab Bitcoin channel for buying and selling digital currencies, through the link.

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