Binance cryptocurrency exchange registered a huge influx of USDT, the value of which was $ 1 billion (yes, you read everything correctly, $ 1 billion) in Tether. Mostly they were converted to bitcoins.
As can be seen from the infographic below, after hours Tether was converted into Bitcoins and other cryptocurrencies in the amount of about $ 1.32 billion.
In the chart below, it is noted that the BTC / USDT pair provided 46.3% of the total cash inflow. Ethereum became the second largest cryptocurrency, adding $ 165 million, or 5.8%.
Other cryptocurrencies accounted for $ 853.6 million, that is, 29.6% of the total cash inflow.
At the same time with these injections, other popular exchanges, for example, BitStamp, Bittrex or Poloniex, processed $ 40 million of the total inflow.
However, in this event, something else is interesting: in the same period of time, the price of Bitcoin collapsed. Most often, when a huge number of Tether tokens are thrown onto the market, the price of Bitcoin tends to show rapid growth.
This phenomenon could be due to both market sentiment and the direct participation of Tether, but the exact reason can hardly be called. At the same time, there is one indisputable thing – the price of Bitcoin strongly correlates with the USDT, which has already been repeatedly confirmed.