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Tether Is Abandoning Bitcoin with 300 Mln USDT-Omni Transferred to Ethereum Blockchain

ByBit
  • Yuri Molchan
    📰 News

    Tether Treasury has transferred 300 mln USDT to Binance as part of a chain swap between USDT Omni and ERC-20 while the Tron-USDT circulating amount hits 800 mln

Tether Is Abandoning Bitcoin with 300 Mln USDT-Omni Transferred to Ethereum Blockchain
Cover image via www.123rf.com
Contents

The Whale Alert account on Twitter has recorded a blockchain transaction between the Tether Treasury and Binance. The community suspects another Bitcoin price pump coming.

300 mln USDT goes to Binance, Tether CTO clarifies, why

As the Whale Alert account on Twitter posted the transaction details, crypto enthusiasts began offering their guesses as to the purpose of the gargantuan USDT amount sent from the Tether Treasury to the world’s biggest crypto exchange.

Some of them assumed that this was done to pump the Bitcoin price and make it surge to $16,000.

However, the Tether and Bitfinex CTO Paolo Ardoino clarified the situation saying that this is a chain swap between the Omni Layer protocol and Ethereum’s ERC-20.

A great amount of USDT-Omni is currently being converted into USDT-Tron. The platform’s CEO Justin Sun believes that in the near future USDT-Tron will become the most popular version of the USDT stablecoin.

The current amount of USDT-Tron in circulation has exceeded $800 mln.

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Bitfinex gets a chance to recover the lost millions of USD

Some in the crypto community are doubtful that USDT is 100-percent backed by USDT on Tether’s bank accounts.

However, at the end of last week, the CEO of Crypto Capital payment processor, Ivan Manuel Molina Lee, was arrested, and now Bitfinex (read Tether) has a chance to recover some of the $850 mln that had been frozen by Crypto Capital earlier.

Bitfinex is currently in the middle of a court trial in New York and among other issues it has to explain the extra minting of USDT earlier this year. The latter was made to conceal the loss of the $850 mln, part of which belonged to customers of Bitfinex and the other part to the platform itself.

 

USDT on which platform will ultimately prove the most popular stablecoin? Feel free to share your thoughts in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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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