50.5M USDT Was Transferred to Binance Before Bitcoin Began Its Ascent

Share Article
In Brief
  • Over 50M USDT was deposited to Binance recently.

  • The timing of the deposit coincided with Bitcoin's rise.

  • It's unclear whether this is mere coincidence or if the USDT sent was really to 'buy the dip.'

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

A large transfer of USDT was made to Binance earlier today. The deposit occurred shortly before Bitcoin began its rise.

Sponsored



Sponsored

Binance saw a large deposit which coincided with an upward move for Bitcoin. The timing may just be a coincidence, however.

Binance Sees 50.5M USDT Deposit

Whale Alert (@whale_alert) picked up on a large deposit earlier today made to Binance. 50,559,204 USDT was transferred to Binance in total.

Sponsored



Sponsored

Interestingly, Bitcoin began to see a significant rise around the time the announcement was made. About an hour after the transfer occurred, Bitcoin saw volume and price spikes that fizzled out as quickly as they shot up. However, this began a concerted uptrend thereafter which saw steady gains for the remainder of the day. Currently, Bitcoin is trading well above the $8,000 price point and is around $8,150 at the time of writing.

It’s unclear whether this is mere coincidence or if the USDT sent was really to ‘buy the dip.’ The USDT was deposited to Binance’s hot wallet, however, which means it was likely for a trade.

Tether Treasury Keeps Minting

Tether Treasury has been issuing USDT like never before. In the past month, it has issued over $1 billion of new USDT. The unprecedented issuance rate has naturally raised some questions. For example, who is requesting that all this USDT be issued and is it actually backed by USD?

Exchanges have been partly responsible for the surge in demand. The amount of USDT they hold is now at an all-time high. However, the most recent USDT deposit to Binance was not intended for its cold wallet.

Replies to the USDT deposit to Binance were largely negative. Virtually every tweet mentioning USDT now is inundated with calls for a proper investigation into Tether Treasury. However, these criticisms have been levied against Tether Treasury for some time now. We will have to see if such concerns are taken seriously in the near future or whether they will be lost in the noise yet again.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!