Connect with us


Tether [USDT] Whale Alert: 20 million USDT moved from Bitfinex to Tether Treasury as Bitcoin pumps




Tether Whale Alert: 20 million USDT moved from Bitfinex to Tether Treasury as Bitcoin pumped over 4%
Source: Pixabay

The infamous Bitfinex-Tether saga is far from cooling down after the oldest stablecoin, USDT, recorded a series of unusual fund movements to unknown wallets from its treasury.

Whale Alert, the ever-observant Twitter handle which tracks significant cryptocurrency transactions, reported another movement by the controversial Tether. According to the online crypto-tracker, a transaction of 20,000,000 USDT [worth $20,019,422] with the timestamp of Mon, 10 Jun 2019 12:48:46 UTC was executed from Bitfinex to Tether Treasury on the Bitcoin blockchain.

The Bitfinex wallet address of the sender was 1KYiKJEfdJtap9QX2v9BXJMpz2SfU4pgZw and that of the recipient, Tether Treasury, was reported to be 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz. The hash of the said transaction was f4181abf634ff8561c42890bd8bc59a5d42045ec3c8ba3b4d9f71fb221b0406b.

Following the successful execution of the transaction, Bitfinex’s final balance stood at 101.89787316 BTC. The available balance on Tether Treasury was 179,898,234.45 USDT. The transaction fees incurred in the process was 0.00043690 BTC.

Similar transactions have previously been carried out between Bitfinex and Tether Treasury, wherein large sums of money were exchanged between the two. The latest fund transfer comes at a time when the largest crypto by market cap, Bitcoin [BTC], was pumping by over 4% in an hour, at press time, which is noteworthy because it was previously observed that every time Tether [USDT] was directly sent to Bitfinex, Bitcoin’s price would jump. This led analysts and prominent traders of the space to speculate that the scandalous duo, Tether and Bitfinex, could be the reason for the next Bitcoin crash.

Subscribe to AMBCrypto’s Newsletter


Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report




Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.

Subscribe to AMBCrypto’s Newsletter

Continue Reading