Bitcoin (BTC) surge expected as $100m Tether (USDT) goes to Bitfinex exchange
A Bitcoin pump is expected as, according to the reports, $100 million worth of Tether (USTD) has been transferred to BitFinex from cold storage. The pump is expected because enormous amount of USDT being moved to an exchange means people are planning a huge number of Bitcoins, cepicap reported.
The last two time when something like this happened – July 24 and August 21 of 2018 – a rise in BTC price was noticed. On July 24, BTC moved almost $800 taking BTC price from $7690 to $8502 whereas on August 21, BTC moved almost $650 taking BTC price from $6250 to $6899.
Crypto market is very unpredictable and it is almost impossible to guarantee anything related to the market. However, based on previous events, another pump in BTC is expected soon. At the time of writing, Bitcoin sits at $7,220 having moved up 0.01 percent in the last 24 hours.
— Not Tether Backup Printer (@eurtprinter) September 2, 2018
On September 2, 2018 at 20:19 UTC, Ran NeuNer, the host of CNBC’s “Crypto Trader”, took to Twitter to share the news that $100 million in new Tether (USDT) has been sent to crypto exchange Bitfinex. In the tweet, NeuNer also suggested that if the Bitcoin (BTC) price goes up, the shorts would get “REKT.”
Expressing his views on Bitcoin’s short term price, he tweeted, “My bet here is that with the volume back in the market, over $13bn being traded in the last few days (Excluding transaction mining exchanges that have HUGE volume). I suspect we may see a price uptick and the shorts won’t have the stamina to ride out the cycle – they will get REKT”
My bet here is that with the volume back in the market,over $13bn being traded in the last few days (Excluding transaction mining exchanges that have HUGE volume). I suspect we may see a price uptick and the shorts won’t have the stamina to ride out the cycle – they will get REKT https://t.co/sTpKnsSohx
— Ran NeuNer (@cryptomanran) September 2, 2018
In other news, last week, when Bitcoin (BTC) hit the $7000 mark, there were speculations that it is possibly due to Tether intervention. It was speculated that the Tether treasury intervened by injecting $50 million worth of tokens and on August 27, the Tether treasury wallet created its first transaction. The effect on the coin performance was almost immediate, taking Bitcoin (BTC) above $6,900. According to Cryptovest report, previous such interventions by USDT also have led to fast movements in price.
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