Bitcoin price increased by 3% between 1 billion invalid USDT transactions and 5,000 BTC was moved to Poloniex

On January 11, 2020, Whale Alert reported a Tether transaction worth over 1 billion USDT between unknown wallets. However, later, this transaction was proved to be invalid. In other happenings, a whale transferred $ 39 million to cryptocurrency exchange Poloniex. However, Bitcoin price still has increased by nearly 3% in the past 24 hours; Bitcoin is trading around $ 8,153.

Huge USDT transactions proved to be invalid

In order not to disturb the community in vain, Whale Alert deleted the tweet announcing the other 1 billion USDT transactions.

The reason behind this great confusion is not disclosed. And this has made the community wonder what is happening behind the cryptocurrency market? From a 30% pump of Bitcoin SV to a 51% attack on Tether. It was all like having someone manipulate the market.

As AZCoin News reported, the BSV price has risen 32% on the day for unknown reasons. At press time, BSV continued to increase by more than 9% during the day, recording a 56% increase in the last seven days.

A large amount of USDC was burned

Besides, the stablecoin backed by other dollars, USDC, also fluctuated. According to Whale Alert, several large USDC transactions, after which those stashes were burned in The Incinerator.

bitcoin-price-increased-by-3-between-1-billion-invalid-usdt-transactions-and-5000-btc-was-moved-to-poloniex

Source: Whale Alert Twitter

The token burning is often done to reduce the amount of money in circulation, making them more scarce and pushing prices up. However, before these USDC incinerations, the largest cryptocurrency exchange Binance removed USDC trading pairs because of the low volume.

Bitcoin whale moved 5.000 BTC to Poloniex, how about the Bitcoin price?

A whale transferred $ 39 million to cryptocurrency exchange Poloniex. This cash flow is different from the original Bitcoin transactions since $ 1B was transferred from Huobi five months ago.

Moreover, this capital flow is also two orders of magnitude higher than the average daily circulation for Poloniex. That is why analysts report this transaction as suspicious. Because maybe this is a sign that some internal reorganization of the tokens in Poloniex fund. Last year, it was discovered that many exchanges use such activities for inflation of their trading volumes.

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