200M USDT and 25M USDC just minted while whale transferred 3581 BTC and 38M XRP, whether the price is pumping?
Recently, the crypto community is closely monitoring the actions of whales as a series of mass transfers of coins. And today is no exception. A series of actions regarding USDT, USDC, BTC, and XRP has taken place, and people are considering whether the recent activity provides any insight into the next destination of the cryptocurrency market.
Minted and transferred USDT, USDC
Traders were excited when Tether issued 200M USDT at the treasury.
? ? ? ? ? ? ? ? ? ? 200,000,000 #USDT (200,836,214 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) December 9, 2019
The reason why traders are excited is that in history, every time Tether minted USDT, the price of BTC would increase accordingly. According to a recent analysis from analyst firm TokenAnalyst, the creation of the new USDT has a strong correlation with past Bitcoin rallies. When USDT was just minted, the company saw a BTC price increase of 70% of the time.
Many traders were expecting a new pump after Whale Alert reported on the USDT mining.
BTC about to pump
— ?? Bitcoin (BSV) ?? (@sheikki) December 9, 2019
A trader with the nickname CryptoPortfolio humorously tweeted that “why not 200000000…0000?”
why not 2000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 ??
— CryptoPortfolio (@OnlyAltcoins) December 9, 2019
Given the frequency of Tether’s USDT issuance, a trader raises the question of whether Tether is competing with the US Fed?
Are the Tether treasury trying to compete with the US Federal Reserve Bank?
— crypt0cranium (@crypt0cranium) December 10, 2019
However, Tether has given a good reason. It turned out that this was part of Tether’s attempt to replace obsolete Omni-based tokens with Ethereum-based tokens.
In one hour Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 200M USDt. Tether total supply will not change during this process.
— Tether (@Tether_to) December 9, 2019
The result of today’s USDT mining will not increase Tether’s supply and is unlikely to have an impact on the market. And the fact is that the Bitcoin price is currently down by nearly 2% at the time of writing.
Less than 20 hours later, a transfer of the same amount of USDT from Binance to the Tether Treasury. Some traders believe that this is a sign of the Matic’s dump profit.
$Matic dump profit ?
— CryptoD₿S (@DbsCrypto) December 10, 2019
Meanwhile, 25M USDC has also been minted at USDC Treasury. An hour later, the same amount of USDC was transferred from the treasury to an unknown wallet, according to Whale Alert.
Source: Whale Alert/ Twitter
Transferred BTC, XRP
Bitcoin whales are also emerging at the beginning of the week. Over the past 24 hours, the whales have transferred 3581 BTC (~ $26.8M).
Source: Whale Alert/ Twitter
Meanwhile, traders are trying to determine why a large XRP whale is moving 38,000,000 XRP (~$ 8.6M) from Bitstamp to the Uphold, a cryptocurrency platform that allows traders to buy and sell some digital assets.
38,000,000 #XRP (8,638,863 USD) transferred from #Bitstamp to #Uphold
— Whale Alert (@whale_alert) December 9, 2019
Read more:
- Doubt Whale Alert Account Was Hacked When Reporting $9 Billion BTC To Be Transferred At Once
- Bitcoin Price Is About To Dump Violently?