Bitcoin News Today: Tether Turns to Gold as Crypto Bulls Push BTC Toward $116K

Bitcoin (BTC) price surged above $113,000 on Friday, marking a pivotal breakout in recent market sentiment. The move signaled renewed optimism in the broader cryptocurrency market, with altcoins like Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL) showing signs of traction. The bearish pressure that had previously pulled BTC below $110,000 was countered by aggressive buying from bulls, pushing prices back into a bullish phase. According to onchain data from Glassnode, the $116,000 level represents a critical resistance point. A breakout above this threshold could initiate a new upward trajectory for BTC, while a failure to hold above $104,000 risks a pullback toward the $93,000 to $95,000 range [1].

Key altcoins also demonstrated mixed signals. Ethereum (ETH) traded in a tight range between $4,500 and $4,250, reflecting a balanced struggle between buyers and sellers. If ETH breaks above $4,500, it could rally toward $4,664 and then to $4,957, indicating stronger bullish momentum. Conversely, a slide below $4,250 could bring the $4,094 level into play, with further support at $3,745 if that level breaks [1]. Dogecoin (DOGE), meanwhile, remained range-bound near its 20-day EMA ($0.21), with bears showing a slight edge. A drop below $0.21 would likely target $0.19, while a break above the 50-day SMA ($0.22) could propel the price toward $0.26 [1].

Solana (SOL) faced resistance at $210 on Thursday but found support near $198. A move above this resistance level would complete a bullish ascending triangle, potentially sending the price toward $240 and beyond. Conversely, if sellers regain control and pull the price below the uptrend line, SOL could fall toward $175, with a possible rebound near $155 [1]. Chainlink (LINK) and Cardano (ADA) also showed similar technical challenges, with LINK testing the $23.24 level and ADA struggling at $0.84. Both coins remain in a consolidation phase, with the outcomes of these levels determining the next major price direction [1].

Meanwhile, the crypto market continues to attract institutional attention, particularly in the gold-backed crypto space. Tether, the issuer of the largest stablecoin, USDT, is expanding its gold strategy by investing in the Canadian gold royalty company Elemental Altus. Tether has already acquired a 37.8% stake in the firm and plans to increase this to over 50% in the coming months. This move aligns with Tether’s broader strategy to diversify its reserves and provide alternative backing for its stablecoins [1]. The company’s gold holdings, valued at approximately $8.7 billion and stored in a vault in Zurich, are used to back Tether Gold (XAUt), a stablecoin pegged to physical gold. XAUt’s market cap has recently surpassed $1.3 billion, with a record issuance of $437 million in a single day in August [2].

Tether’s expansion into the gold sector is part of a broader trend in crypto markets where investors are increasingly seeking stable, tangible assets to anchor their digital holdings. This strategy mirrors the narrative of Bitcoin as “digital gold,” a concept championed by several industry leaders. Tether CEO Paolo Ardoino has publicly described gold as possessing a “bitcoin-like nature,” emphasizing its scarcity and role as a store of value. With gold prices reaching an all-time high above $3,550 per ounce, Tether’s move into the sector appears well-timed [2].

The broader implications of Tether’s diversification strategy remain to be seen, but the company’s growing influence in traditional commodity markets is already drawing attention. By investing in mining operations, royalty firms, and refining ventures, Tether is positioning itself as a bridge between the crypto and traditional financial worlds. While the company has not confirmed its exact investment roadmap, its recent actions suggest a long-term strategy to integrate physical assets into its ecosystem, reinforcing the credibility and stability of its digital offerings [3].

Source:

[1] Tether Expands Gold Strategy by Adding to Stake in Canadian Firm (https://www.bloomberg.com/news/articles/2025-09-05/tether-expands-gold-strategy-by-adding-to-stake-in-canadian-firm)

[2] Tether Holds Talks to Invest in Gold Mining: FT (https://www.coindesk.com/business/2025/09/05/tether-held-talks-to-invest-in-gold-mining-ft)

[3] Tether prepares a historic diversification with gold (https://www.cointribune.com/en/tether-prepares-a-historic-diversification-with-gold/)