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After a strong market rally last week, the crypto market took a little pause, holding above the $1 trillion valuation. In order to understand what market activity might look like in the future, it is essential to monitor the activity of stablecoins such as USDT and USDC.
Network data shows that there is massive whale activity in the stablecoins Tether (USDT) and USD Coin (USDC). These transactions show that there will be more volatility ahead. On-chain data provider Santiment said:
“Whales were busy on Monday after weekend volatility. Perhaps the most significant assets in which whale transactions have increased by more than $100,000 are #Tether and #USDCoin . With a change in large purchasing power, the main market movements should continue.”
Credit: Sentiment
Given the current market surge, it would not be a mistake to assume that these whales may move in the direction of cryptocurrency buying, continuing this bullish run.
Justice Department Reopens Tether USDT Investigation
After several months of stalemate, the US Department of Justice plans to reopen its investigation into Tether executives allegedly committing bank fraud. U.S. Attorney Damian Williams for the Southern District of New York (SDNY) will lead the Department of Justice (DOJ) investigation, according to a Bloomberg report.
Tether was quick to respond to this Bloomberg report, which states:
Tether regularly engages in open dialogue with law enforcement, including the US Department of Justice, as part of our commitment to cooperation, transparency, and accountability. We remain committed to our customers, the cutting edge technology and transparency that have driven our growth.
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The USDT stablecoin issuer also stated that they have expanded their cooperation with the Department of Justice over time. However, Tether said its executives had not spoken to the Justice Department for a year. It also states that law enforcement is not “actively investigating Tether”.
Tether also criticized Bloomberg for its fresh report, adding, “Bloomberg has proven time and time again that it desperately needs attention in an industry they just don’t understand.”
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