- 50.5M USDT transferred to Binance minutes prior to Bitcoin pump
- Tether mints over $1.2 billion in possibly unbacked tokens this month
The popular stablecoin Tether may have played an integral role in Wednesday’s Bitcoin pump. Just prior to the pump, Binance saw a massive 50.5M USDT transfer, worth over $50 million, into their wallets.
Immediately following the large deposit, Bitcoin surged $400 within the hour. Following this surge Bitcoin witnessed immense volatility and is currently trading at the $8,800 level after reaching a 24-hour high of $8,950. It is possible that the deposit acted as a catalyst as Bitcoin coincidently pumped shortly after.
With Bitcoin seeing a 13% intraday surge many exchanges have seen unprecedented demand.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer