Whales Shovel 1.58 Billion USDT, While Bitcoin Surges Above $57,000

Whales Shovel 1.58 Billion USDT, While Bitcoin Surges Above $57,000

Whale Alert blockchain service spreads that word that in the last twenty-four hours, three transactions, bearing a staggering amount of USDT each, have been made on the blockchain. The total amount of stablecoins transferred in them is close to 1.6 billion USDT.

In the meantime, the price of the world’s leading cryptocurrency, Bitcoin, has surpassed the $57,000 level after its upward price action demonstrated on October 11.

Whales shift 1.6 billion stablecoins

The aforementioned blockchain tracker has spotted that over the past 24 hours, anonymous whales and the Tether Treasury have made three transactions, carrying 666,820,516, 249,999,999 and 667,816,661 USDT stablecoins.

The first and the third transaction were made in Tron-USDT from the same address - TV6MuMXfmLbBqPZvBHdwFsDnQeVfnmiuSi.

Tether Treasury moved 250 million Tethers to Bitfinex in ETH-based USDT. Tether and Bitfinex are the companies that share the same top-management team, therefore Bitfinex often gets USDT from Tether whenever it needs more liquidity for trading Bitcoin and other cryptocurrencies.

Bitcoin price exceeds $57,000

Bitcoin seems to have finally made a full recovery from the long-standing correction caused by Tesla’s blocking Bitcoin payments in spring this year.

Back then, Elon Musk’s tweet about the e-car producing giant freezing BTC payments for Tesla automobiles sent Bitcoin into an over 50 percent retracement. Now, the world’s flagship crypto has recovered from it, rising above the $57,000 level.

By now, BTC has remained above the $50,000 price mark for over week and its market dominance has surged to 45,51 percent, according to the data provided by IntoTheBlock on-chain data agency.

Their data shows that the recent spike of Bitcoin has been driven by a strong momentum in the derivatives market – BTC perpetual swaps surged to $16.06 billion. That is a rise by almost $6 billion from the lows seen in this market in September.

Jamie Dimon takes a jab at Bitcoin

Curiously, Bitcoin has spiked above $57,000 and remains there, despite yesterday’s statement of the JPMorgan CEO Jamie Dimon, in which he called Bitcoin “worthless”. He doubted that the emission of BTC will actually end at 21 million (Bitcoin’s main bullish feature that appeals to many experts from the Wall Street as well as from Bloomberg – its chief commodity strategist Mike McGlone, in particular).