{"id":116193,"date":"2021-03-09T19:17:40","date_gmt":"2021-03-09T19:17:40","guid":{"rendered":"https:\/\/precoinnews.com\/?p=116193"},"modified":"2021-03-09T19:17:40","modified_gmt":"2021-03-09T19:17:40","slug":"70m-usdt-transferred-from-tether-treasury-to-unknown-wallet","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/70m-usdt-transferred-from-tether-treasury-to-unknown-wallet\/","title":{"rendered":"$70M USDT Transferred from Tether Treasury to Unknown Wallet"},"content":{"rendered":"
Just a couple of weeks after we saw $200 million in Tether tokens transferred between crypto exchange, from Bitfinex to Huobi, another $70 million has moved out today from the Tether Treasury.<\/p>\n
Thanks to a tweet from @whale_alert, the crypto transaction tracker has posted the evidence of the reallocation of 70,000,000 USDT (equivalent to roughly $69.9 million at press time).<\/p>\n
While the previous transfer was to a known destination, we at least know this one is to an unknown wallet.<\/p>\n
\n\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 70,000,000 #USDT (69,986,646 USD) transferred from Tether Treasury to unknown wallet<\/p>\n
Tx: https:\/\/t.co\/30dRfjIFoX<\/p>\n
\u2014 Whale Alert (@whale_alert) March 9, 2021<\/p>\n<\/blockquote>\n
A Twitter user commented that he believes what many have been saying about USDT for a while, that these movements are being used to pump Bitcoin\u2019s price. While it\u2019s all speculation, this belief comes from the fact that Tether is one of Bitcoin\u2019s most traded pairs.<\/p>\n
\nneed new fake money to keep btc pumping lol.
\ncan’t wait to read their first audit \ud83d\ude02<\/p>\n\u2014 crypdo92 (@crypdo92) March 9, 2021<\/p>\n<\/blockquote>\n
The market capitalization of Tether\u2019s USDT stablecoin has recently surpassed $37 billion, further helping it cement its position as the world\u2019s largest stablecoin.<\/p>\n
Tether, which is closely affiliated with crypto exchange Bitfinex, works across a diversity of different blockchains, including Algorand, Bitcoin Cash\u2019s SLP, Ethereum, EOS, Liquid Network, Omni and Tron.<\/p>\n
Of note, Tether generally has a higher trading volume than Bitcoin. This reflects that the stablecoin is being used more often than the No.1 cryptocurrency to move money around.<\/p>\n
Tether, which is ranked the 5th<\/sup>\u00a0biggest cryptocurrency\u00a0by market cap, has been rising rapidly in the last two months amid growing institutional and corporate demand. Year-to-date, the token added $16 billion, which is greater than the combined market capitalization of all rival stablecoins.<\/p>\n
For comparison, the market cap of this dollar-pegged coin stood at $20 billion as of January 1. Then, it soared to $26 a month later. Tether has seen roughly half of its aggregate market cap achieved in the last three months.<\/p>\n
Additionally, February\u2019s rally was supported by the news that Bitfinex allegedly paid back another $550 million to Tether, now covering more than 100 percent of its $750 million loan facility they took out two years ago.<\/p>\n