Bitcoin Cash: Unusual USDT Movement on Tether Wallet

Published on 06 February 2018 by Cryptovest Staff

With all eyes on the possibility of printing new USDT to prop up Bitcoin, the strangest transaction has appeared.

The last time the Tether minting wallet was active, was on January 31, when it burned 30 million USDT. But afterwards, all eyes have been on the printing press, waiting for another potential tranche of liquidity.

Yet the strangest transaction has appeared in the wallet, with possibilities ranging from a simple test, an honest mistake - or a form of trolling advertising.

The transaction comes from a yet unknown, but rather wealthy wallet. Some believe the spoof may be a form of clever advertising. At the moment, Bitcoin Cash is not in such a good shape with a price tanking to $800, yet this transaction has brought a lot of eyeballs to its brand.

Just SENT $1 USDT!https://t.co/88gu3Jna7T#USDT#Tether#Bitcoin#Crypto— Tether Printer (@tetherprinter)5 лютого 2018 р.

Bitcoin Cash and Bitcoin addresses may still allow for mistaken, or intentional sending. In the past days, Tethers trading has once again risen to record levels, as the price of Bitcoin slid and triggered sell orders. However, the situation underlines further the fact that selling BTC for Tethers locks in users with tokens that have no immediate way of being turned to cash.

Also keep in mind that if people want to exit tether they actually need to buy#Bitcoinor other$crypto. 🤔— WhalePanda (@WhalePanda)30 січня 2018 р.

Curiously, the recent market downturn has renewed talk of "Bitcoin Cash is the real Bitcoin". In the past months, BCH could not appreciate as high - but as Bitcoin corrected, the new price levels look a bit more realistic for the possibility of a "flippening" and yet another attack. BCH has risen as high as $4,000, not a far shot from the current levels of Bitcoin.

The entire#CryptoCurrencymarket would be saved right now if people just realized that#BitcoinCashis the true#BitcoinShort term who knows what will happen but long term$BCHwill be #1 MARK MY WORDSpic.twitter.com/0KMYsnl9ZO— CryptoCurrency 🤑 (@Crypto_goat_)5 лютого 2018 р.

At the same time, the Bitcoin network is in a better shape, with less transaction backlogs, and increasing hash rate. There is a Lightning Network running, which uses live funds, although still showing it is highly insecure.