Tether Treasury Moves 7 Million USDT, Could Spark a Bitcoin Price Surge
The Tether Treasury has recently moved 7,000,000 USDT from its vaults recently. This movement of funds was recently spotted by Whale Alert, which also spotted that the Tether Treasury minted 10,000,000 USDT just an hour after the money was moved out.
What could this mean for the Bitcoin market? A lot, indeed. Tether’s movements are often correlated with Bitcoin, so this could be a sign that the next bull run is on the corner. People often use USDT in order to trade BTC, so there is a correlation between the volume of the stablecoin and the prices of the most popular crypto out there.
If the decline in Tether’s volume was considered to blame for the low prices of BTC recently, this could certainly indicate that a new price boom could be near us.
What is exactly really hard to say is whether Tether is keeping Bitcoin afloat or not. There are rumors that speculators could be using Tether to make Bitcoin stay afloat. The fact that prices are going up recently is a pretty good sign of that.
Now, what someone can do is to watch the wallet that bought all the USDT and see if the money will be used to buy BTC or not.
Curiously, such a large exchange of money is happening during the same day that Bitfinex closed its platform. According to the company, the shutdown was due to maintenance, but some people on the internet have speculated whether that is true or not.