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The price of Bitcoin (BTC), the largest cryptocurrency by market cap, has been positively impacted after the scheduled chain swap of 200 million USDT between Tether and Binance exchange was performed.

Some minutes ago, Tether (USDT) hinted at a chain swap that will take place a couple of minutes to the time it was announced.

This was passed across via its Twitter handle. Tether said in the report that it will coordinate with a third-party to perform a chain swap for 200 million USDT.

It added that the process will by no means change its total supply.

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Tether shared this, β€œIn half an hour Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 200M USDt. Tether total supply will not change during this process.”

Whale Alerts Reports the Transfer of $200 Million from Binance to Tether

Some minutes ago, Whale Alert, the tracker of large crypto transactions from and to exchanges, reported the huge transfer of $200 Million from Binance exchange to Tether.

Whale Alert shared, β€œ200,000,000 USDT (198,885,420 USD) transferred from Binance to Tether Treasury.”

Chain Swap: 200M USDT from Binance Minted at Tether Treasury. Bitcoin (BTC) Price Spikes
Courtesy of Whale Alert

Moments later, Whale Alert came back to report that 200 million USDT, the total amount of funds that was just transferred from Binance exchange, has been minted at Tether treasury.

β€œ200,000,000 USDT (200,000,000 USD) minted at Tether Treasury,” Whale Alert Reported.

Chain Swap: 200M USDT from Binance Minted at Tether Treasury. Bitcoin (BTC) Price Spikes
Courtesy of Whale Alert

Bitcoin (BTC) Price Spikes after the Chain Swap

It has just been noticed that the price of Bitcoin (BTC) has reacted perfectly well to the recent chain swap of 200 million USDT performed by Tether, in conjunction with Binance exchange.

Before the chain swap took place, BTC was changing hands below $9,000 resistance level. As soon as the huge transaction was minted at Tether treasury, Bitcoin price spiked.

The digital currency is now priced above $9,000. At the time of filing this report, BTC is trading at $9,083.68, with a 3.4% price upsurge in the last 24 hours.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.