$40 million Tether coins have just moved to Bitfinex and as a result, bitcoin spiked by 8 percent is more volatile than it usually is. After dropping for a few hours, the major cryptocurrency increased by 8 percent as we are reading today in the Tether news.
During the middle of the day, WhaleAlert account noticed a $40 million Tether tokens transferred from the Tether treasury wallet to the popular Bitfinex crypto exchange. This transaction received a lot of attention from the community so many anticipated a strong Bitcoin price surge. In just a matter of moments, the Bitcoin price surged by 8.68 percent from ,554 to ,951 over the short 10-minute period.
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This is not the first time that we are seeing how the Bitcoin price reacts instantly because of a sudden injection of the USDT tokens on the Bitfinex exchange. Over the past three years, there have been a lot of strong accusations thrown at the companies, including a trillion-dollar lawsuit about the manipulation of the bitcoin market allegations.
So far, there was not official judgment brought up to confirm or deny this but the latest transaction of today is one of the many coincidental happenings that only support this claim. Bitcoin’s price is over the board making huge positive and negative moves in just a few hours. It remains still below the $5000 price point but strong forces are reaching for it in both directions.
The entire financial space of the world is moving in some scary waters, making extreme price swings on both ends. Millions around the world are fearing that their job contracts could and due to the Coronavirus pandemic panic and many started selling their crypto assets for their much-needed cash. Some time will need to pass before any clarity emerges for the situation on the market. It is worth noting that the entire crypto space seems to be more connected to the traditional commodity markets that are also in a state of turmoil.
There’s also evidence suggesting that below $5000 trading level will be the norm as of now but new factors such as impending reward halving will no doubt have a huge impact on Bitcoin’s value but these attempts to predict which element will turn the market, is quite risky.
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