Monday, 27 May 2024

The Cryptocurrency Exchanges were Cleared of the $1 Billion USDT

With the market’s confusion about whether we are in a bull season or a trap, the most recent headline today has sparked greater interest and queries among the community about the whale’s next move.

Many significant transfers of Tether‘s stablecoin USDT have increased over the past few years, with eight of the numerous transactions exceeding a value of $1 billion, according to research by the market intelligence platform Santiment.

Whale’s Massive Transfer

Santiment’s most recent report revealed the market surge may have been caused by the whale’s massive transfers because four of the four recorded large transactions were seen to have occurred in the last ten days. Many people have been perplexed about the reason behind the odd market spike despite the reason for a plummet.

Santiment argued that the large transfers were probably caused by whales’ worries about the stability of USDC, a stablecoin created by Circle, which recently disclosed a $3 billion exposure to troubled Silicon Valley Bank. While many cryptocurrency enthusiasts have argued that the large transfers may have been used to move the market or as an exchange for Bitcoin (BTC), Sentiment disagreed.

  • Many significant transfers of Tether’s stablecoin USDT have increased over the past years.
  • The large transfers were probably caused by whales’ worries about the stability of USDC.
  • BTC as of yesterday surpassed $26,500, a nine-month high.

Silicon Valley is still in the midst of a financial run, notwithstanding Circle’s announcement that the $3 billion has been recovered. HSBC UK, a ring-fenced division of HSBC, purchased Silicon Valley Bank UK on Monday for £1 ($1.21).

According to Santiment, the “bank failure and USDC fears” have caused “major contributors” in the market to quickly withdraw their USDT from exchanges.

One of the top cryptocurrency exchanges, KuCoin, had a difficult Thursday the same week after New York launched a lawsuit against it for failing to register with the state before allowing users to purchase and trade cryptocurrencies on its website.

A week later, Bitcoin immediately recovered from the setback and made up for the considerable losses it had sustained. BTC as of yesterday surpassed $26,500, a nine-month high, amid the continued American financial crisis. As of right now, the BTC increase can be linked to a number of causes, including intense spot-driven purchasing pressure, network expansion, and a fall in the value of the US dollar (USD).

Santiment asserts that rising bank anxieties and the Fed’s likely switch to decreasing interest rates rather than raising them are nothing more than a crypto maxis dream scenario because they would lead to a rise in interest in crypto as an alluring substitute.

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