Did Tether (USDT) raise the price of Bitcoin with the $ 40 million it sent to Bitfinex?
Bitcoin (BTC) investors faced far more volatility than expected today. Bitcoin fell sharply in the early hours of the day, and the continuation of the cryptocurrency market followed suit.
Newly Transferred USDTs Increase Bitcoin Price
The BTC / USD pair rose again with a tether (USDT) - based move after a sharp decline. Tether had previously been seen to move the price of BTC upward with its hard moves. The move also saw Tether send $ 40 million worth of USDT tokens to Bitfinex.
Bitcoin Is Up 8 Per Cent In 10 Minutes
Officially minutes after the $ 40 million transfer announcement made by Whale Alert, BTC cut its price drop and began its rise. Although Bitcoin fell as low as $ 4,550, it climbed above $ 4,951 after the $ 40 million transfer, and the whole process of raising it took place within 10 minutes.
Tether and Bitfinex share the same senior management. This leads to much more consideration of the assets transferred from tether to Bitfinex. Bitfinex and Tether, which have previously been sued by investors for manipulating the price of Bitcoin, have still not been able to get the outcome of the $ 1.4 trillion lawsuit. Despite this, this latest move by Bitfinex and Tether has reintroduced allegations of manipulation.
Tether recently announced that he was monitoring suspicious transactions in order to reduce allegations of manipulation and to avoid criticism.