Crypto Exchanges

Bitcoin Price Pumps Subsequent $84M Tether Deposit to OKEx

Noted today on Getting Crypto

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More than $eighty four million worth of the controversial stablecoin Tether (USDT) has just been transferred to the Malta-primarily based cryptocurrency trade OKEx. With some commentators alleging that USDT is remaining employed to artificially prop up the price tag of Bitcoin, the money arriving at the investing location today may possibly have been partly liable for the most current price tag enhance.

As noted before today by Twitter blockchain analysis account Whale Warn (@whale_notify), two massive transactions of Tether (USDT) have just arrived at the important digital asset trade OKEx. The transactions, of a lot more than $fourteen million and $70 million each, have been transferred from two different unidentified TRON wallets to the investing location.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 70,009,991 #USDT (70,237,853 USD) transferred from unidentified wallet to #Okex


– Whale Warn (@whale_notify) December four, 2019

Formerly, BeInCrypto has noted on important price tag pumps subsequent identical transactions to exchanges. At the conclusion of October, hundreds of thousands of dollars worth of new USDT have been minted at the so-named Tether Treasury. This adopted a dramatic market-off that took the price tag down to $7,400, lending help to the arguments of individuals involved that USDT is remaining employed to artificially prop the price tag of Bitcoin up.

Tether Skepticism

Tether and its affiliated trade Bitfinex have been the topic of a lot controversy in the cryptocurrency field. The providers have faced lawsuits and critiques from researchers over their promises that each USDT is backed by a actual US greenback in a bank account. Questionable banking arrangements and the reluctance of possibly company to endure a suitable audit have invited a lot of skepticism.

A new review, noted by BeInCrypto, alleged that new USDT issuance was liable for price tag rallies in the Little bit


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