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Tether [USDT] worth $13 million transferred from Tether’s treasury to exchanges

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Tether [USDT] worth $13 million transferred from Tether's treasury to exchanges
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A total of ~$13 million USDT was transferred from Tether’s treasury to Huobi and Kraken exchange. These transactions together are among other massive amounts of USDT that are being moved in the crypto ecosystem.

The Chinese government’s stance of Bitcoin mining raised a lot of eyebrows and caused an equal number of people to speculate what could happen if the government took the decision to ban Bitcoin mining. Some people are under the impression that this would happen, which caused Chinese users to convert their fiat into USDT, hence the massive flow of Tether into the market.

Twitter user @Whale_Alert tweeted that a total of $7.9 million USDT was transferred from Tether’s treasury to Chinese exchange, Huobi.

A subsequent tweet by Whale Alert also identified a whopping $4.9 million USDT being transferred from Tether’s treasury to the US-based exchange, Kraken.

The recent surge of Bitcoin on April 02, 2019, caused a lot of people to speculate that there was a huge surge in the volume of stablecoins. There was an increased circulation of 200 million USDT. Paxos followed the same trend as the circulation increased by approximately 5 million, and that of USDC by 7 million.

Although just speculation, the sudden increase in stablecoin volume could be connected to the spike in Bitcoin’s price. Almost every altcoin pumps when Bitcoin pumps, suggesting a correlation and the dominance of Bitcoin over other altcoins. The sudden spike could be the cause behind a lot of retail traders trying to cash out, and when stablecoins come into the picture.



Stablecoin, Tether [USDT], has always been the center of speculation and rumor since its launch; the rumor was that Tether doesn’t have equivalent USD backings.

A Reddit user Toyake, commented:

“One is legitimate, the other is a ticking time bomb. It should be telling that usdt is still able to pump out hundreds of millions of usdt while other stablecoins can’t even scrape together 10m. That’s the difference between fraud and legitimate stablecoins.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

TD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts

Biraajmaan Tamuly

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TD Ameritrade invests in Eris-X; crypto trading platform to offer spot exchanges and future contracts
Source: Pixabay

TD Ameritrade, one of the biggest companies in the United States offering an electronic trading platform for trading financial assets, recently announced that it was going to launch cryptocurrency trading on its parent platform.

Now, according to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

The website stated,

“TD Ameritrade will be working with the team at ErisX as they develop and launch their cryptocurrency trading products. This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”

TD Ameritrade had announced the addition of cryptocurrencies to its portfolio last month after Charlie Lee, the CEO of Litecoin, tweeted about tests conducted on its platform.

Bitcoin Futures contract trading was initiated on the official platform earlier, but was only open to high-volume traders. On TD Ameritrade’s platform, the minimum deposit required for trading BTC future contracts was $25,000, at press time. The potential traders also needed two advisory notes from CFTC and NFA to keep in check the risk associated with virtual assets.



Eris-X, a CFTC-regulated derivatives exchange, will now be open to retail crypto-traders and according to the official statement, the firm has plans to offer both spot exchanges and futures contracts based on the digital currencies.

The official statement mentioned,

“This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”





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