Stablecoin Issuer Tether Invests in Bitcoin Mining Project in El Salvador

Stablecoin issuer Tether has joined a green energy project in El Salvador that aims to invest $1 billion in building a 241 MW generation park called "Volcano Energy" in Metapán.

Timeline of Bitcoin, Tether

Popular cryptocurrency analyst Ali Martinex has said that Bitcoin has its “most important support level” between $26,360 and $27,160. The range is notable, as it represents a significant volume for the cryptocurrency. As per Martinez's observations, over 2.36 million unique Bitcoin addresses bought more than 1 million Bitcoin within this price range.

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In a significant development this week, Bitcoin price has crossed bearish on the weekly LMACD (Logarithmic Moving Average Convergence Divergence), marking the first time this has occurred in 2023. Does this mean further decline for BTCUSD, or do bulls still have a chance to save the recent uptrend?

Despite displaying an admirable measure of strength year-to-date, Bitcoin has not been off to a good start this month, with the top cryptocurrency losing momentum due to recent market dynamics.

Bitcoin (BTC) and other cryptocurrencies have taken a hit in the wake of recent news regarding Binance, the world's largest cryptocurrency exchange by trading volume. The market has reacted with concern to the disclosure of a complaint against the exchange, which has sparked a wider downtrend throughout the cryptocurrency industry.

Following the company's announcement that it will build a sustainable Bitcoin mining operation in Uruguay, the stablecoin issuer Tether has disclosed its investment in a Salvadoran bitcoin mining operation called “Volcano Energy.

The Bitcoin Ordinals protocol developers have introduced a new upgrade to rectify over 71,000 invalid inscriptions previously untradeable. These inscriptions often result from incorrect usage and were rendered useless and untradeable until now.

A widely followed crypto analyst is issuing a warning that the Bitcoin (BTC) top for 2023 is likely already in. In a new video update, prominent crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that Bitcoin's price action in 2023 may be mirroring 2019 when it declined in the second half of the year.

Due to recent market conditions, the BTC price has taken a sharp bearish turn, touching the ground at a staggering $25.5K. The trigger for this massive decline was the recent lawsuit faced by Binance, one of the world's largest cryptocurrency exchanges, against the U.S. Securities and Exchange Commission (SEC).

USDT issuer Tether has invested in El Salvador's $1 billion Volcano Energy, paving the way for developing one of the world's largest Bitcoin mining farms powered by renewable energy.