New Whale Alert Transaction as Bitcoin Supporters Theorize Another BTC Price Pump
- The transaction involved a transfer of 300,000,010 USDT to Binance from Tether.
- The CTO of Bitfinex stated that the transaction was part of a chain swap.
Bitcoin bulls will look for any clues or hints to see what catalyst will spark a new crypto market rally and Tether (USDT) printing is always at the top of the list as Tron moves $300 Million Tethers to Ethereum.
Whale Alert is a well-known Twitter account that keeps an eye out for major transactions in the cryptocurrency industry.
In the early hours of October 29th, the account posted a blockchain transaction involving Binance and the Tether Treasury. With this recent transaction, there are many proponents of Bitcoin that believe another price pump is on its way.
— Whale Alert (@whale_alert) October 29, 2019
The transaction has been followed with many comments from individuals who believe that this will be the fruition of a prediction made by 4Chan that Bitcoin would reach $16,000.
Along with the many guesses that this is the next step in Bitcoin’s progression, the CTO of Tether and Bitfinex Paolo Ardoino jumped into the conversation as well, stating that this is a chain swap, involving Ethereum’s ERC-20 and the Omni Layer.
— Paolo Ardoino (@paoloardoino) October 29, 2019
Presently, the USDT-Omni is being converted into USDT-Tron. Justin Sun, the CEO of Tron, stated that he thinks the most popular version of the stablecoin will ultimately become USDT-Tron. Presently, there is over $800 million in circulation for USDT-Tron.
— Justin Sun (@justinsuntron) October 28, 2019
Considering all of the controversy that has happened with Tether and Binance’s relationship, there are many crypto community members that don’t believe that the USDT is 100% backed on the Tether bank accounts.
However, Ivan Manuel Molina Lee, the CEO of Crypto Capital, was arrested, giving Bitfinex an opportunity to regain some of the funds frozen by the payment processor, which was $850 million.
Bitfinex is already engaged their own legal issues involving a court trial in New York, where the platform must explain the extra minting of USDT tokens this year. The minting was intended to hide the $850 million that the platform lost, which belonged to the platform itself, as well as customers of Bitfinex.