Summary

50.5M USDT transferred to Binance minutes prior to Bitcoin pump

Tether mints over $1.2 billion in possibly unbacked tokens this month

The popular stablecoin Tether may have played an integral role in Wednesday’s Bitcoin pump. Just prior to the pump, Binance saw a massive 50.5M USDT transfer, worth over $50 million, into their wallets.

Immediately following the large deposit, Bitcoin surged $400 within the hour. Following this surge Bitcoin witnessed immense volatility and is currently trading at the $8,800 level after reaching a 24-hour high of $8,950. It is possible that the deposit acted as a catalyst as Bitcoin coincidently pumped shortly after.

With Bitcoin seeing a 13% intraday surge many exchanges have seen unprecedented demand.

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