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Bitcoin’s Value in USD Drops abit as $30 Million USDT Printed, Massive 25,000 BTC Transfer Details

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Bitcoin’s Value in USD Drops abit as $30 Million USDT Printed, Massive 25,000 BTC Transfer Details
  • 🔥 $30 Million in freshly minted Tether (USDT) Stablecoins emerge
  • ⚡️ Nearly $28 Million USD worth of Bitcoin (BTC) Transfers Wallets

Where to start at first with a quick rundown of two emerging stories regarding Bitcoin (of course) and it’s distant cousin Tether. As the crypto community usually does, being quick to alert its global audience that 300,000,000 USDT tokens were minted at Tether Treasury Tx.

Here is the transaction on the Omni blockchain explorer.

tether-usdt-whale-30-million

Of course the faithful crypto community had their reactions, like ‘i am closing all shorts’, don’t be scared and possible $6,000 USD exchange rate on its way? As one insightful commentor added that the amount of $30,000,000 Million Tether being granted is in the past these were 100 and 250 million USDT at a time. This also appears to be the first time Tether has issued new token creation since June 2018.

Bitcoin’s Value Drops, Along with Many Altcoins, Based on Massive 25,000 BTC Transfer Between Wallets

Bitcoin just saw a major drop of 3.55% in the last day, which was worth about $200, causing almost every altcoin below it to drop as well by upwards of 8%.

Even though these types of circumstances can always be credited to coincidence to some degree, the fact that there are Bitcoin and other altcoins being withdrawn is worrisome. Bitcoins are starting to leave wallets, going to exchanges, and vice versa.

Whale Alert, a Twitter account that is known for publicizing big moves by Bitcoin whales, brought attention to this problem as well. Within just 20 minutes, the market saw 25,000 BTC sent from wallet to another in increments of 5,000 BTC each. Two of the transfers can from one unknown wallet.

Overall, the value of the five transfers was about $140 million. With the third transaction, the funds were sent from multiple wallets into a single wallet (3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ). Two big transactions were also noted a few hours after Bitcoin’s initial drop worth 14,999 BTC and 11,000 BTC.

The former transaction was a transfer from two wallets into one (3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i), creating the single wallet’s new balance. The later transaction happened in a similar way.

A 9,000 BTC transfer went from a single wallet (3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i) to another (3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i). The sender was left with 9,412 BTC, thought the transferred amount became the BTC balance of the latter.

In total, all of the transactions described above were worth $332 million, which could be based on the drop that Bitcoin had in its price. However, there are some rumors that the transactions were the result of BTC whales ensuring that they kept their profit from the shorts of the token.

Just remember, “Monkeys actually do better than technical analysts…I always tell people if you are going to buy one cryptocurrency make the first one #Bitcoin.”

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