Crypto Whales Move $444 Million Worth of Bitcoin, Tether Comes Under Scrutiny For Manipulating BTC Prices


Bitcoin prices have been showing an upward trend throughout the year and now it is well-positioned to achieve its all time high price by the end of the year. The rise in prices is often followed by huge Whale movements and that has been the case every time Bitcoin breaks a key upper resistance level or achieve an yearly high. In the last 2 hour itself, whales have moved around 36,814 BTC worth $444.9 million.

The most notable movement of Bitcoin has been from a whale who transferred a whopping 9,000 BTC from the Poloniex exchange to an unknown wallet. The whale movement is being speculated to be triggered due to Bitcoin gaining its position above the $12,000 mark.

There were a total of 22 transactions that were made yesterday but only one among these 22 transactions was moved to an exchange from the wallet, while the rest 21 transactions were moved from exchanges to unknown wallets. The one stand out transaction was of 3,002 BTC worth $36.6 million to the Coinbase. This might be because the holder of the fund in question is looking to sell their BTC holdings.

The following list details all the 22 transactions made in the last 24-hours,

    • 500 BTC worth $5.9 million transferred from Bitstamp to an unknown wallet
    • 553 BTC worth $6.6 million transferred from Bitstamp to an unknown wallet
    • 1,197 BTC worth $14.2 million transferred from Bitstamp to an unknown wallet
    • 742 BTC worth $8.8 million transferred from Bitstamp to an unknown wallet
    • 740 BTC worth $8.7 million transferred from Bitstamp to an unknown wallet
    • 800 BTC worth $9.5 million transferred from Huobi to an unknown wallet
    • 999 BTC worth $11.7 million transferred from Sygnia.io to an unknown wallet
    • 499 BTC worth $5.8 million transferred from Sygnia.io to an unknown wallet
    • 777 BTC worth $9.1 million transferred from Sygnia.io to an unknown wallet
    • 777 BTC worth $9.0 million transferred from Sygnia.io to an unknown wallet
    • 999 BTC worth $11.6 million transferred from Sygnia.io to an unknown wallet
    • 1,134 BTC worth $13.3 million transferred from Bitstamp to an unknown wallet
    • 999 BTC worth $11.8 million transferred from Sygnia.io to an unknown wallet
    • 1,387 BTC worth $16.0 million transferred from Coinbase to an unknown wallet
    • 3,002 BTC worth $36.6 million transferred from unknown wallet to Coinbase
    • 8,000 BTC worth $98.3 million transferred from Poloniex to an unknown wallet
    • 1,052 BTC worth $12.7 million transferred from Bitfinex to unknown wallet
    • 1,256 BTC worth $15.2 million transferred from Coinbase to an unknown wallet
    • 837 BTC worth $10.1 million transferred from Bitstamp to an unknown wallet
    • 9,000 BTC worth $111.1 million transferred from Poloniex to an unknown wallet
    • 664 BTC worth $8.0 million transferred from Bitfinex to an unknown wallet
    • 900 BTC worth $10.9 million transferred from Bitstamp to an unknown wallet

Tether Triggers an Emotional Override Among Traders

Tether which has been at the center of a controversy recently has continued moving USDT from its treasury for quite some time now. In the last 24-hour another $10 million worth of USDT was transferred from the Tether treasury to the Bitfinex wallet. However, a few moments later the same amount was again transferred back to the treasury from the wallet.

Analysts and crypto movement observers noted that whenever Tether has done something like this in the past, Bitcoin prices have gone up indicating that the stable coin is being used by traders to buy Bitcoin. However. Bitfinex has declined any such assumptions stating that its stable coin has never been intended to manipulate the market price of Bitcoin.

Conclusion

Whale movements are often a result of dip or rise in prices and on many occasions, these whale movements have been used to manipulate the market. Last month itself when the prices of Bitcoin was around $9k a whale transferred millions worth of Bitcoin on an exchange dipping the price of the Bitcoin by a few percents and immediately bought it back to make $10 million in profits. Whale manipulation has been a growing concern on the crypto community as large movements of any crypto tokens directly impact its prices.

As for the Tether, ever since its Bitfinex debacle it has been moving out large sums of UsDT from its treasury to unknown wallets. However, they have denied being part of manipulating market price, but given their recent past record its hard to take them by their words.

The price of Bitcoin finally got over the $10k mark at the start of the month and currently stands at $11,795, thus proving many price predictors and analysts wrong again who said that the prices of Bitcoin won’t go past the $10k mark until the end of the year.

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