According to reports, massive whale transactions in stablecoins like USDT and USDC foreshadow major volatility in the crypto market. Considering the current market boom, it's not out of the question that these whales are plotting a crypto buying spree to continue the bull run.
Has taken a brief pause, holding over the $1 trillion valuation.
It will be critical to monitor the activities of stablecoins such as USDT and USDC in order to predict future market activity.
On-chain data shows that there has been a lot of whale activity in the stablecoins Tether (USDT) and USD Coin (USDC). These transactions indicate that there will be significant volatility in the future. An on-chain data provider reported:
“Following the weekend volatility, whales have been very active on Monday (Oct 31). Tether and USDCoin are two of the assets that have seen an uptick in $100k+ whale transactions. Major market movement is expected to continue as long as huge amounts of purchasing power are moving.”
Considering the current market upswing, it's not unreasonable to believe that these whales are planning a crypto buying frenzy to extend the bull run.
DoJ Reopens Tether USDT Investigation
After months of inactivity, the US Department of Justice intends to reopen the investigation into Tether executives accused of bank fraud. As per reports, the Department of Justice's (DOJ) investigation will be led by U.S. Attorney Damian Williams in the Southern District of New York (SDNY).
Tether responded quickly to the report, claiming, "Tether frequently conducts open discussion with law enforcement agencies, including the United States Department of Justice, as part of our commitment to cooperation, transparency, and accountability. We are committed to our customers as well as the industry-leading technology and transparency that has fueled our expansion.”
The USDT stablecoin issuer also stated that their cooperation with the DoJ has grown over time. However, Tether stated that company officials had not spoken with the DOJ in the past year. It also stated that the agency is not "currently examining Tether."
Tether also slammed a local media outlet for its new report, saying, "Media outlets have repeatedly shown themselves again to be thirsty for attention in a sector that they simply do not comprehend."
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