Huge Whale Activity In USDT and USDC, Bull Run Ahead?
After last week’s strong market rally, the cryptocurrency market has taken a bit of pause holding above the $1 trillion valuation. To understand what could be the market activity ahead, it will be crucial to spot the activity of stablecoins like USDT and USDC.
On-chain data shows that there has been huge whale activity in stablecoins Tether (USDT) and USD Coin (USDC). These transactions show that there will be major volatility going ahead. On-chain data provider Santiment reported:
“Whales have been busy Monday following the weekend volatility. Perhaps most significant of the assets seeing increased $100k+ whale transactions are #Tether and #USDCoin. With large buying power moving, major market movement should continue”.
Considering the current market runup, it won’t be wrong to speculate that these whales could be heading for a crypto buying spree taking this bull run further.
DoJ Revives Investigation In Tether USDT
After months of stagnation, the U.S. Department of Justice is planning to revive the investigation into Tether executives allegedly committing bank fraud. As per the Bloomberg report, U.S. Attorney Damian Williams in the Southern District of New York (SDNY) will be leading the Department of Justice’s (DOJ) probe.
Tether was quick to respond to this Bloomberg report stating:
Tether routinely has open dialogue with law enforcement agencies, including the U.S. Department of Justice, as part of our commitment to cooperation, transparency, and accountability. We remain committed to our customers and the industry-leading technology and transparency that has led to our growth.
The USDT stablecoin issuer also said that they have increased their cooperation with the DoJ over a period of time. However, Tether said that its executives haven’t talked to DoJ over the year. It also said that the law enforcement agency isn’t “actively investigating Tether”.
Tether also slammed Bloomberg for its fresh report adding: “Bloomberg has proven themselves time and time again to be desperate for attention in an industry that they just do not understand”.
- Changpeng Zhao Comeback? PolyMarket Set 62% Odds of Binance Return by December Following Trump Pardon
- Matrixport Predicts Market Direction as $6B Bitcoin, Ethereum, XRP Options Expire Today
- Why is Crypto Market Up Today (Oct 24)
- Breaking: 21Shares Amends Sui ETF with Staking, Nasdaq Listing, Other Key Details
- Binance’s Changpeng Zhao Takes on Senator Elizabeth Warren On False “Fraud” Allegations
- PUMP Price Set for Lift-Off as Whales Return With Multi-Million Dollar Buys
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
