Massive Crypto Whale Activity in USDT and USDC Hints Upcoming Bull Run, How?
Volatility is one of the characteristic features of the crypto market that surprises several observers. It creates a desirable environment for traders and investors in the crypto industry to advance with great profit.
Over the past week, the crypto market experienced the presence of the bulls to a significant degree. Most of the crypto assets made some impressive recoveries in value. Most tokens were forced to break the resistance and move more to the north. This pushed the cumulative market capitalization to the coveted $1 trillion level.
But this week has calmed the trends in the crypto market. Therefore, many cryptoanalysts are now observing to uncover the next possible move in the market. They have focused on the recent activity of some major stablecoins, such as Tether (USDT) and USD Coin (USDC).
Crypto market set for upcoming volatility
In accordance on-chain data, the stablecoins USDT and USDC have witnessed massive whale activity. Such highly valued transactions indicate the possibility of significant volatility in the future.
In its report, on-chain data provider Santiment noted that whales engaged massively in crypto activity from Monday following the weekend’s volatility. It reported that the main digital assets with $100k+ whale transactions are stablecoins USDT and USDC.
As more significant purchasing power is at play, the outcome will be a significant market movement. Therefore, the market will experience volatility in the future.
A more positive outcome is expected in line with the current market situation and its recent rally. The speculation is that the bull run in the crypto market will continue following the whales’ increased purchase of digital assets.
At the time of writing, the total market cap is $970 billion, indicating an increase over the past 24 hours. The volume of all stablecoins is $81.19 billion representing approximately 92.76% of the cumulative digital asset market 24-hour volume.
DoJ Plans Tether USDT Investigation?
After the past months of silence, the US Department of Justice (DoJ) is pushing its investigative plans on Tether USDT. This new move is in line with the accusations against Tether executives in bank fraud.
According to Bloomberg’s report, US Attorney Damian Williams of the Southern District of New York will lead the investigation for the DoJ.
The issuing firm for the USDT disclosed that it had maintained full cooperation with the DoJ for a long time. But stated that its leaders have yet to speak with the DoJ since the year. It reported that the agency had deployed an active investigation into Tether.
Furthermore, Tether blasted Bloomberg over its report on the firm, stating that it has repeatedly shown its desperation for attention in the industry without proper understanding.
featured Image From Pixabay, Charts From Tradingview
