Blockchain Explorer Hawks See $30 Million USDT Move from Tether Treasury to Bitfinex Exchange
USDT valued at $30 million has been transferred from the Tether Treasury to the Bitfinex trading floor. This is what has been described as an apparent tactic to float the price of Bitcoin on the market.
$30 Million USDT
Markets dependent on Bitcoin have not been experiencing the best of times of recent. As a matter of fact, the past four weeks have been one of steady loss upon loss for cryptocurrency stakeholders. Last week was particularly horrible as the price of Bitcoin experienced a nasty slump from a relatively high value of $8,500 to a very depressing low of $6,500. It was with horror that all stakeholders helplessly watched the tumbling.
For every slump, the traders might have been wishing for a reprieve but that was not to happen. Bitcoin continued to fall and the plunge continued until it reached the $6,500 point on Monday. It was one of the most nightmarish weeks for the Bitcoin community.
Interestingly, the price did not even stay long under $7,000 as it swiftly had a rebound. It soon entered the important levels of $7,100 and $7,200. But, the stakeholders were not just going to watch and do nothing. As the price of Bitcoin was taking a beating, they set other measures into motion. Hence, a $30 million worth of USDT was transferred from the Tether Treasury and moved to the cryptocurrency exchange Bitfinex. This was adequately reported by the @whale_alert account on Twitter.
— Whale Alert (@whale_alert) November 25, 2019
Prices, as they are today, have not slumped this badly since the middle of last year. That time, the rally was almost getting to $13,000. The whales on the market might be looking forward to benefiting from the fear and speculation that have descended on the Bitcoin community. But as it is at the moment, no one is really sure of whether the trend is going to remain such for a long time or if it will fizzle out pretty soon. But what is certain is that by the time the big wigs commence the transfer of large amounts, it can be a feature that a regional bottom has been created.
Bullish Freak or Artificial Uptick?
Over the past week, the price trends have dampened a lot of excitement at least for the investors interested in the bullish runs. Some were really disappointed and gloom is about to descend upon the camp with some expecting bearish trends that can plunge the price too as low as $5,000.
However, a swift improvement in the price might cause some positivity and boost the markets and minimal targets may not be achievable. On the other hand, there can be a reduction in demand and the entire market can become bearish. If this happens, then the price can end up having the lowest of the low and that will be a big blow indeed to Bitcoin. It remains to see what will really happen when the whales enter the market. It is expected that there will be noticeable changes in the price patterns but it is too early to predict.