Sunday, September 20, 2020
No menu items!
  • News
  • Bitcoin
  • Cryptocurrency
  • Contact Us
More

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

    Must Read

    Jed McCaleb Effects about $3 Million Selloff, As XRP Liquidity Indexes Stay Low

    Going by the recent data released by Bithomp, Jed McCaleb, who co-founded the cross-border payment giant, Ripple, has initiated...

    Analyst Says XRP Price Has Potential to Surge By 30% Once It Breaks This Resistance

    A cryptocurrency analyst identified as TiborVrbovsky has opined (using an illustrative chart on Tradingview) that the fourth largest digital...

    Kraken Exchange to Return to Japan with XRP, ETH, LTC, BCH, XBT Spot Trading

    As recently announced, the top cryptocurrency that just became a United States Bank after winning bank charter approval, will...
    Tobi Loba
    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 fulfill her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.




    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.”

    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.”

    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.

    200,000,000 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.




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Jed McCaleb Effects about $3 Million Selloff, As XRP Liquidity Indexes Stay Low

    Going by the recent data released by Bithomp, Jed McCaleb, who co-founded the cross-border payment giant, Ripple, has initiated...

    Analyst Says XRP Price Has Potential to Surge By 30% Once It Breaks This Resistance

    A cryptocurrency analyst identified as TiborVrbovsky has opined (using an illustrative chart on Tradingview) that the fourth largest digital currency by market capitalization, XRP,...

    Kraken Exchange to Return to Japan with XRP, ETH, LTC, BCH, XBT Spot Trading

    As recently announced, the top cryptocurrency that just became a United States Bank after winning bank charter approval, will soon reopen in Japan with...

    Galaxy Digital CEO Mike Novogratz Reveals Percentage of BTC and ETH in His Portfolio

    The CEO of Galaxy Digital, Michael Novogratz, has revealed the percentage of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies in his portfolio. The veteran cryptocurrency...

    Ripple Enhances Its Partnership with Bill & Melinda Gates Foundation

    As a report has it, Ripple, the US-based cross-border payment firm has become a sponsor member of Mojaloop Foundation, which implies that the payment...

    More Articles Like This