Roller coaster action continues to happen in the cryptocurrency market as a new twist revealed a colossal amount of USDT, a major stablecoin, hit the world's largest exchange, Binance.
According to a report by Whale Alert, $400 million worth of stablecoin just recently hit Binance and was transferred there directly from the Tether Treasury. Cryptocurrency-focused social media immediately began to hype whether the whales were loading up on "buy the dip" activity on the market.
Gamza KhanzadaevWhat's more, right after USDT hit the black-and-yellow crypto behemoth, subsequent transactions with stablecoins followed on other centralized platforms.
For example, $42,758,879 worth of USDC hit Coinbase International, and nearly $325 million worth of Circle stablecoin was minted right after the massive USDT transaction hit Binance.
If this is indeed a whale act to load up the dip that happened recently on the crypto market, or maybe exchanges are just filling their reserves, remains open to speculation.
But digital asset prices are glowing green today, and even if these transfers have nothing to do with buying activity, the news alone is enough for someone to make a bullish investment decision.
FOMO seems to be creeping back in, and the market is notorious for its quick mood swings.
If there is any tip to follow in the current market conditions, it would be to not jump in with both feet based on surface causes only, but to take a deeper and calmer approach to evaluate the conjecture within cryptocurrencies right now.
Vladislav Sopov
Dan Burgin