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**Bitcoin Gets $3 Billion Power Play As Cantor, SoftBank, Tether Unite**
A powerful consortium consisting of Cantor, SoftBank, and Tether has emerged to accelerate the growth of Bitcoin’s market value. The collaboration brings together a staggering $3 billion in assets, further solidifying the potential for significant price increases.
This development comes as Bitcoin (BTC) has broken out of its recent slump, trading at over $93,000. According to Tuur Demeester, host of the B Reel podcast and director at the Texas Bitcoin Foundation, this announcement could be a driving force behind the cryptocurrency’s 12% increase in the past week.
The partnership marks an unprecedented move by these major players in the financial and technology sectors. Cantor, SoftBank, and Tether have combined their resources to create a vehicle that will “supercharge the dollar export machine in a positive feedback loop of the existing global carry system,” as Bitwise’s Jeff Park succinctly put it.
The sheer scale of this collaboration cannot be overstated. With $3 billion at its disposal, this new entity has the potential to have a profound impact on the market. As Steven Lubka, the founder of Swan Private Wealth, noted, “Cantor, SoftBank, and Tether launching a BTC acquisition vehicle.”
This development raises significant questions about the future direction of Bitcoin’s price action. Will this move further fuel the current uptrend, or will it be met with resistance from regulatory bodies? One thing is certain: the cryptocurrency market is now more unpredictable than ever.
**Market Insights**
BTC breaks out and is back above $93,000, 1-day chart | Source: BTCUSDT on TradingView.com
The significance of this collaboration cannot be overstated. As an influential figure in the crypto space, Steven Lubka’s comment highlights the magnitude of this move. With SoftBank’s massive portfolio and Tether’s unparalleled influence over the cryptocurrency market, it is impossible to ignore the potential implications.
As Bitcoinist delves deeper into this story, we will continue to provide updates on this explosive development.
**Conclusion**
The convergence of these industry giants represents an unprecedented power play in the Bitcoin market. The sheer scale of their combined assets and influence cannot be overstated. As we continue to monitor this story, it is essential for investors and traders to remain vigilant and adapt to the rapidly evolving market landscape.
**About the Author**
Jake Simmons is a dedicated Bitcoin enthusiast with over 6 years of experience in the blockchain sector. He holds a degree in Business Informatics from a reputable university.
Source: https://bitcoinist.com/bitcoin-3-billion-cantor-softbank-tether/
