Millions in USDT Moved & Minted at Tether Treasury, Analyst Peter Brandt Casts Doubts Over Tether And BTC Pumps

Updated: 100 Million Tether [USDT] were earlier moved to an unknown wallet and another 400 Million USDT is reported to be minted from Tether treasury. The movement of 100 Million USDT was followed by a decent pump in Bitcoin price, reaching a local high of $39,833 at the time of reporting. Is it just a coincidence? Many notable analysts including Peter Brandt have compared Tether [USDT] similar to the money pumped by FED and Central Banks.

Advertisement

Millions in Tether Minted and BTC price Pumps, A coincidence?

The Tether FUD is does not seem to end and rumors of large Tether movement induced BTC price pumps seem to be forming well recognizable pattern. As reported by twitter handle, whale alert, a large $100 Million Tether’s were moved from Tether treasury to an unknown wallet.

This was followed by a sharp rise in Bitcoin price suggesting a surge in Bitcoin buying at exchanges. Bitcoin price breached $39,000 within an hour of this transaction.

BTC price PUMP

If we dig a bit deeper, large size Tether minting is speculated to be associated with BTC price pumps, as a proof the ongoing BTC bull run starting in November can be related to USDT minting in millions almost everyday.

Tether BTC price manipulation?

Data shows Tether minting suddenly paused as soon as Tether was asked to handover data to NYAG w.r.t. ongoing trial for suspected price manipulations. Though, we accept this might be thin, but surely the role of USDT in BTC price manipulations needs to be investigated properly. 

As a recent update on topic, twitter account whalealert just reported 400 Million Tether minting at Tether treasury, following high demand for Ethereum at cryptocurrency exchanges. ETH surpassed its all time high at multiple exchanges at the time of writing. As described above Tether minting is speculated to pump crypto markets, so, will this recent Tether minting pump crypto?

 

How is Tether Different from FED Pumping, Doubts Peter Brandt?

Peter Brandt, a known futures trader and author, recently cited his doubt on the role of USDT in pumping Bitcoin as he went on compare Tether with FED and central bank pumping. He also predicted that most of the exchanges allowing non-USD banked leverage trading will go bankrupt.

We are still researching the topic and will keep you updated with developments, do share any tip or view point on story to the author at sunil@coingape.com.

Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

Recent Posts

Ripple Price Forecast: XRP draws closer to a 30% downswing amid deteriorating technicals

Ripple rejected at $0.45, abandoning a potential triangle breakout to $0.575. A breakdown to $0.3…

8 hours ago

Bitcoin Price Prediction: BTC screams sell as short-term technical flip bearish

Bitcoin must reclaim support above the 50 SMA to allow bulls to shift the focus…

9 hours ago

Gary Gensler Set to Appear For SEC Chairman Confirmation Hearing, Crypto Community optimistic

Gary Gensler, the Joe Biden nominee for SEC chief is all set to appear before…

10 hours ago

Bitcoin Proponent Cathie Wood’s ARK ETF Registers Highest Inflow in 2021

ARK Innovation ETF (ARKK), the flagship ETF saw an inflow of $464 million inflow last…

12 hours ago

LetsExchange Releases Version 1.0 of Its One-Stop Exchange Platform

While up-and-running as a full-fledged cryptocurrency exchange service, LetsExchange is working on expanding its platform’s…

11 hours ago

“Play by the Rules Or We will Shut You down”- New York Attorney General Warns Crypto Industry

New York state attorney general Letitia James today publicly warned crypto industry player to either…

13 hours ago