By Tobi Loba
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.
Tether shared this, “In 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.”
In 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. https://t.co/DKuscDQ0cS— Tether (@Tether_to) March 5, 2020
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, “200,000,000 USDT (198,885,420 USD) transferred from Binance to Tether Treasury.”
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 200,000,000 #USDT (198,885,420 USD) transferred from #Binance to Tether Treasury
— Whale Alert (@whale_alert) March 5, 2020
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.
“200,000,000 USDT (200,000,000 USD) minted at Tether Treasury,” Whale Alert Reported.
💵💵💵💵💵💵💵💵💵💵 200,000,000 #USDT (200,000,000 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) March 5, 2020
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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