$100 Mln Tether Transferred to BitFinex, Will Bitcoin Reach $8,000?

  • A whopping amount of Tether moved to BitFinex. Many speculated would lead to another major BTC price spike. New Tether dump didn’t seem to produce a noticeable effect

Cover image via U.Today

A whopping amount of Tether has been moved to a cryptocurrency exchange BitFinex. Many speculated would lead to another major BTC price spike. Notably, a recent Bitcoin uptrend, which happened on Aug. 21 and led to a $650 increase in price, was also inextricably connected to a controversial stablecoin.

The new Tether dump didn’t seem to produce a noticeable effect on the king of crypto so far. Instead, plenty of Bitfinex traders started shorting Bitcoin, dismissing the possibility of another bull run.

Earlier, U. Today reported that Tether might have lost its leverage over Bitcoin price.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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