The price of Bitcoin arguably represents the health of the crypto market. Anything that affects its price would cause a ripple effect in the market. Therefore, the crypto community monitors and takes note of any market developments capable of changing the price of Bitcoin.

Following the bullish run, a short-period of reality check hit the crypto market. The leading cause of this remains uncertain; however, since then, Bitcoin has maintained its value. Now, Bitcoin’s price will be affected yet again by the latest development in the market.

According to a post by Whale Alert on Twitter, the Tether Treasury has approved the minting of USDT worth $150 million. This suggests a possible mass movement of Bitcoin from whale accounts. Further strengthening this speculation is Rptr45’s Twitter post claiming large BTC transfers were recorded between connected addresses.

What Does This Mean For The Markets?

Nothing new.  It is believed that the price of Bitcoin is controlled by a small community of Bitcoin whales. This is according to Kitco and other news sites. However, putting these assumptions aside, it is quite possible that the price of Bitcoin will be affected in case the move comes into fruition.

The amount allegedly moved so far is about 2.8% of the total Bitcoin in circulation.

Source: Twitter

Such large movements should not affect the market; however, because of market perception, traders are gearing up for what may be a pump or dump scheme by Bitcoin whales.

Earlier in the year, NewsBTC, in one of their posts, questioned the legitimacy of Bitcoin’s bull run. The article featured compelling reasons on why the bull run resembled a pump and dump scheme, including a comparison between the prevailing economic and political conditions of BTC at $8,000 in the past and present.

Whale Alert’s post claims that the transactions are yet to be undertaken while Rptr45 claims that some massive BTC movements have already taken place. From the comments on their respective timelines, it seems as though the market is torn between a pump or dump situation.

Source: Twitter

They are those that are preparing for a dump while others prepare for a positive a pump is coming.

Source: Twitter

The crypto community is divided, each with their result of the current whale movements being speculated. At the heart of this is the desire to preserve investments made. Hence, the pump divide may be seeking to salvage the investments while the dump divide may be trying to increase their BTC holdings.

Pump or Dump?

This becomes the hardest question to answer. The market is unpredictable, yet; it can be controlled by a small number of influencers with the right amount of financial power. Predicting whether the market will see a pump or dump cycle, therefore, becomes a guessing game.

Currently, %150 million worth of USDT is ready to be issued once the requests come in. There is an anticipated request for arguably $150 million in BTC. When combined with speculations of whale movements, then there’s a 50% chance it could be either option.

The crypto community must, therefore, trade wisely in the coming days as the market may see a sudden surge or drop in value. Regardless of all the pump or dump talks, the fact remains that sometimes we win, sometimes we lose. In this case, part of the crypto community will be smiling while others will be strategizing their next move.