Massive amounts of Tether moved as ‘Bitcoin ATH’ controversy swirls

The cryptocurrency market has seen several transfers over the past couple of weeks that has resulted in many users believing that the bull run is almost upon us again. These transfers have not been isolated with several coins like Bitcoin, USDT, and XRP being transferred in the millions.

According to Whale Alert, the popular cryptocurrency data aggregator, almost 20 million Tether was transferred from an unknown wallet to Binance. The exact amount transferred was 19.999 million, which amounted to a whopping $19.952 million.

The Tether transfer market has been booming ever since its tie-up on the Tron blockchain. As Justin Sun had stated earlier, the partnership is intended to facilitate more seamless transactions. The timestamp for the transfer was 00:00:21 UTC with a hash of 7658f008b17eb5c270b4ec1f2cbd138cbcccc6549495a856619e1900e347dedd.

The owner’s address for the unknown wallet was TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a contract address of TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t. The unknown wallet had an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q. The wallet held some cryptocurrencies like Tron, BitTorrent, and Tether in minimal amounts.

The Binance account held an address of TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX. The Tether transaction was completed throughout 1.42 million transactions. The total balance of the exchange after the transaction was 14.405 billion TRX. The USDT TRC20 tokens amounted to $255.573 million, while the actual TRX transactions amounted to $3.282 million.

At press time, Tron was holding the 11th rank as TRX was trading for $0.02. The cryptocurrency held a total market cap of $1.36 billion and a 24-hour trading volume of $954.02 million. Tether’s partnership on the Tron blockchain had occurred right after the Justin Sun led company had announced several other tie-ups. Tether was at rank number 5, with a market cap of $4.13 billion.

Tether had made news again on November 5 when a study by two professors claimed that Tether and a single whale trader was the reason for Bitcoin’s massive bull ramp in late December 2017. This mammoth news was refuted today when Bloomberg stated that it is “quite silly” that one trader was responsible for the price climb. Bloomberg noted that:

“According to Jeremy Allaire, Co-founder and CEO of Circle, the Tether study makes the mistake of attributing a custodial account address to a single trader (although the authors maintain that this is an individual deposit address). Exchanges pool customer funds into a single wallet before netting and batching transactions with partner institutions; traditional banks do the same. A single Bitfinex wallet could easily represent the aggregate trades of many customers.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.