Volatility is one of the distinctive characteristics of the cryptocurrency market that has surprised many observers. It creates a favorable climate for cryptocurrency traders and investors to benefit handsomely.
The bulls were very present in the cryptocurrency market last week. Most crypto assets experienced significant increases in value. Most tokens were compelled to break their resistance and go further north. This increased the cumulative market capitalization to the coveted milestone of £871.15 billion.
However, the crypto market has calmed this week. As a result, many crypto analysts are now watching to see what the market will do next. They have concentrated on the recent action of many key stablecoins, including Tether (USDT) and USD Coin (USDC).
According to on-chain data, the stablecoins USDT and USDC have seen tremendous whale activity. Such high-value transactions point to the risk of severe future volatility.
On-chain analytics company Santiment said in its research that the Whales engaged in enormous crypto activity on Monday following the weekend turbulence. According to the study, the stablecoins USDT and USDC are the most significant digital assets with above £87115.50 whale transactions.
As additional purchasing power enters the market, the result will be a big market shift. As a result, the market will be volatile in the future. In keeping with the current market condition and its recent increase, a more favorable outcome is expected. The crypto market Bull Run is likely to continue due to the whales’ heightened digital asset buying spree.
At the time of writing, the total market cap is £845.02 billion, suggesting an increase in the last 24 hours. The total amount of stablecoins is £70.74 billion, accounting for approximately 92.76% of the total 24-hour volume of digital assets.
Following several months of silence, the US Department of Justice (DoJ) announces the investigation of Tether USDT. This latest step is consistent with the allegations of bank fraud against Tether management.
According to Bloomberg, US Attorney Damian Williams of the Southern District of New York would lead the investigation for the DOJ. The USDT issuing firm stated that it has long worked in close collaboration with the DOJ. However, it added that its officials had failed to speak with the DOJ since last year. It was claimed that the agency had launched an active inquiry into Tether.
Tether also praised Bloomberg for exposing the company, claiming that it has repeatedly shown its need for attention in the business without sufficient understanding.