There is no doubt that the crypto environment has seen headlines that have affected the market in some way over the past few weeks. However, the latest headlines have now increased curiosity and questions among the public wondering about the whale’s next move due to the uncertainty in the market whether we are in a bull season or a trap.
According to a report from the Santiment market intelligence platform, large transfers of the stablecoin USDT Tether have soared in recent years, with eight of the massive transactions recorded exceeding a value of more than $1 billion.
What is the Pope So Far?
While many are wondering why the strange surge in the market despite the reason for the decline, Santiment’s latest report says that the surge in the market may be the result of the large-scale transfer of whales due to four large recorded transactions. has happened in the last ten days.
Although many crypto enthusiasts have argued that large transactions can be used to move the market or as an exchange. Bitcoin (BTC)Santiment suggested instead that large transfers were likely due to the whale’s concerns about the stability of the USDC, a stablecoin issued by Circle that recently reported $3 billion exposure to the Silicon Valley Bank issue.
Although Circle has announced the recovery of $ 3 billion, Silicon Valley is still experiencing a financial run. Meanwhile, on Monday, HSBC UK, a subsidiary of HSBC, bought Silicon Valley Bank UK for £1 ($1.21). Santiment notes that “bank collapses and USDC concerns” have made “big contributors” in the market moving “USDT off the exchange very quickly.”
Bitcoin (BTC) in a Week
In the past week, Bitcoin (BTC) still seems to be moving in a bearish trend as negative news increases. Silvergate offers the industry a payment network that allows customers to exchange US dollars between crypto exchange accounts 24/7 to match the liquidity needs of the crypto market. The service was suspended last week and shut down.
The same week, one of the leading crypto exchanges KuCoin is also rough after New York filed a lawsuit against it through failure to register with the state before letting investors buy and sell cryptocurrencies on its platform. However, fast-forward to a week later, and Bitcoin has recovered quickly as the asset took massive losses amid a downtrend.
Today, BTC reached a nine-month high $26,500 despite the US bank crisis. So far, BTC’s surge can be attributed to a number of factors including massively driven buying pressurenetwork growth, and the depreciation of the United States Dollar (USD).
according to Holythe rising fear in banks and also the Feds now potentially cutting interest rates instead of cutting is nothing more than a maxis crypto dream scenario as many will now look to crypto as a fun alternative.
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