Whale Alert, a blockchain tracking and analytics company, reported an approximate $100 million Tether (USDT) transaction between Bitfinex and Huobi exchange on 15 December.
According to the details mentioned by the company, the transaction was executed on the Ethereum blockchain where Bitfinex moved 99.9 million Tether to Huobi exchange with a small transaction fee. Further, the recent transaction came after an anonymous user moved 32,353 Bitcoin, worth approximately $620 million on Sunday.
Notably, Tether is a stablecoin used by the crypto community. In terms of value, Tether’s market cap has jumped from $4 billion in December 2019 to nearly $20 billion in December this year. However, the price has been stable at around $1.
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The Tether community terms USDT as a stable value cryptocurrency that combines the unrestricted nature of cryptocurrencies with the stable value of the US Dollar. Apart from being a store of value, Tether has been used to buy other cryptocurrencies as well. For example, the recently launched token WOZX by the Co-founder of Apple, Steve Wozniak listed on the HBTC exchange can only be purchased through Tether stablecoin.
In addition to the above-mentioned transaction, Whale Alert pointed out a 120 million USDT transfer from Bitfinex to Tether treasury. Moreover, the analytics company pointed out 200 million USDT minted at Tether treasury. Although, the recent transactions indicate increased activity in USDT as investors and exchanges are planning to move large amounts in anticipation of enhanced volatility in the crypto market in coming months.
In terms of Bitcoin, Whale Alert mentioned a transaction of 8,198 Bitcoin from a crypto exchange Bitstamp to an unknown wallet on 15 December. Another transaction of around 3,213 BTC was executed on 14 December from Bithumb to an unidentified crypto wallet. Bitstamp has been involved in several prominent crypto transactions recently. Finance Magnates earlier reported about a transaction of 40 million XRP to Bitstamp from an account that has been dormant since 2013.