$600 million moved between Binance cold wallets

109,234 BTC were moved between Binance cold wallets this morning

A massive 109,234 BTC was moved between   Binance cold wallets this morning.

At the current price that represented a movement of more than $600m in value for a fee of only $7.19 cents.

Since the move, an additional 30,000 BTC moved out of  the Binance wallet in smaller batches. Their cold wallet has a remaining balance of around 20,000 BTC.

Binance CEO Changpeng ‘CZ’ Zhao eased fears by announcing that the exchange would be moving funds between cold wallets, insisting that there was ‘no need to be alarmed’.

Binance trading volumes have also seen a significant uptick over the last week. Daily trading volumes have risen from a low of $500 million a day to the present level of close to $1.5 billion traded in the last 24 hours.

Move away from Tether

Tether collapsed in price last night, and was down to 97 cents. This was after a brief rally during the initial dump where Tether lifted over one dollar to $1.036.

With the recent announcement of Binance listing Circle-backed stable coin USDC could we finally start to see a competitor emerge to challenge Tether’s grip on the stable coin market.

Tether is currently trading close to three times its total market cap in daily trading volume. This is a stark difference to the USDC that traded less than one per cent of its 137 million market cap in the same period.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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