Huge Whale Activity In USDT and USDC, Bull Run Ahead?

After last week's strong market rally, the cryptocurrency market has taken a bit of pause holding above the $1 trillion valuation. To understand what could be the market activity ahead, it will be crucial to spot the activity of stablecoins like USDT and USDC.

Timeline of Usd-coin, Tether

The New York Justice Department is taking over a year-old investigation into top stablecoin issuer Tether. Washington federal prosecutors warned top Tether executives last year that they could be charged with crimes related to their banking policies and activities relating to USDT.

Tether has criticized a report published by Bloomberg that talks about a renewed investigation onto it's bank fraud case. The company has alleged that Bloomberg is recycling old news for attention.

A new team is reportedly picking up on the dormant Tether bank fraud investigation in New York. The post Justice Department revives probe into Tether over bank fraud: Bloomberg appeared first on The Block.

Tether, the company behind the world's largest stablecoin Tether (USDT/USD), has together with encrypted protocol Holepunch and Bitcoin-focused platform Synonym, unveiled a new peer-to-peer (P2P) credit system.

Santiment has pointed out another indicator to look out for that could signal a crypto market recovery. Per the data, Tether USDT shark and whale wallets — wallets that hold between $100k and $10 million of the dollar-pegged stablecoin — have been adding back to accumulation ways.

Since the Tornado Cash affair, Circle's USDC stablecoin's market valuation has fallen precipitously. The market capitalization of USD Coin (USDC), which fell from $53.3 billion to just under $43.9 billion during the previous month, has decreased by almost 20%.

Coinbase has announced commission-free trading for those who buy USDC with non-USD fiat currency in a bid to increase its use outside the United States. The post Coinbase Looking Outside the US To Grow USDC Stablecoin appeared first on BeInCrypto.

Tether has announced that starting November 3, 2022, and its USDT stablecoin will become available throughout Brazil in more than 24,000 automated teller machines (ATMs) operated by fintech company SmartPay.

USDT will be available in 24,000 ATMs in Brazil from Nov. 3 to enable conversion from USDT to Brazilian reals and vice versa. The post Brazil Now Allows You to Transact in Tether Through 24,000 ATMs appeared first on BeInCrypto.

In a move to support the adoption of USDC, the Circle issued dollar-based stablecoin, Coinbase (NASDAQ:COIN) has waived commission fees when buying or selling USDC via any fiat currency on Coinbase, “from AUD to ZAR.