Three Million USDC Freshly Minted Likely Another Whale Looking to Buy the Dip

[cheezcarls]

Just hours after Bitcoin’s price took a tumble into the mid-$7,000 range, Whale Alert detected that three million new USDC had been minted by the Treasury. This was done most likely by a whale in order to purchase other cryptocurrency assets in a slumping market — a common practice by big spenders.

Just recently BeInCrypto reported on the successful Oct 31 audit of the total USDC in circulation. Now, it looks like there’s been a little bit more tacked on, thanks to an unknown trader who minted a fresh three million USDC, plausibly to buy Bitcoin during this market downturn.

Full news here

It looks like a whale is going to buy the Bitcoin dip after the 3 million USDC were freshly minted. But the question is, what amount is he trying to target? Some of my friends told me that there’s a chance Bitcoin is going to dip even lower to $6k.  

In my Twitter poll, I was asking the community on what to expect for Bitcoin’s price on the following day (this tweet was published yesterday). So far, most of them voted for it to go below $7k (even me of course), and it really did until it slightly goes back up to $7.1k.

As I browsed my Facebook, I saw a post from someone saying that Bitcoin’s support level as of today would be $7k. I highly doubt it now, as it may break the support level sometime later, tomorrow or within next week. Correct me if I’m wrong though.

[jets567]

The market crash is always an opportunity for crypto investors especially for the whales so I wouldn't be surprised if the market suddenly recovers because these kind of people are just wating until the market reach it's bottom then make a large amount buy orders.

As I browsed my Facebook, I saw a post from someone saying that Bitcoin’s support level as of today would be $7k.

Actually on November 22 based on coinmarketcap, Bitcoin was trading around $6980 so the support level of $7000 can be disregarded.

[Winscosinally]

Still feels like they crash the market for this purpose lol , anyways its always a good move to always buy the dip when bitcoin among other digital currencies loses its value, on twitter people are too scared because of the bad speculations traders are making like bitcoin will go down to 4k, really its unbelievable that people start selling because of people's stupid predictions

[microsurfer]

So, we should wait for a nice pump?

[disconnectme]

So, we should wait for a nice pump?

Do you think $3 million is enough to defend the price of BTC?. I have told people that the region we are currently is a good buy because it is around he 61% FIB level, which to me is a nice correction and the market usually defend this level. We just need and wait and see

[scopatumana]

The fact is that with every crash comes a rush. The market always works in a way that it reverses before it further drops or fortunately continue to rise. Imagine just a 1-5% on that mint. It's a huge profit for the whale. In the end, when you trust the market, you earn big with it.

[cosmofly]

I think that is the money for whales to buy a lot of bitcoins at the support of $ 7k and not let them fall. Not only was $ 3 million, there were many times USDT was printed more. This shows that everything is in the whale's plan, they print money to continue to consolidate this support level and start creating new trends. We can believe that the downtrend has ended and the market will grow from here.

[target]

Its going to be used to accumulate BTC by the time less BTC is going to circulate in the market, I guess then you can expect the price to at least spike and possibley breakout. I'm not sure how the treasury will assure the public that the minted USDC has real reserved USD because to some people that''s just easy token pegged to USD worth $3M out of thin air.

[wywoc]

So, we should wait for a nice pump?

I think 3 mil USDC is not enough this time, but as the article say, may be it's just the minted asset of a whale. I saw many times when Tether printing hundreds of millions of USDT, but right after that was a flash dump of the whole market. And currently seem like the market is moving like that.

[Pearls Before Swine]

As I browsed my Facebook, I saw a post from someone saying that Bitcoin’s support level as of today would be $7k.

I don't believe that for a minute, and I think people start making up support levels out of thin air when the price starts falling.  Bitcoin could drop below $7000 easily, tho I'm hoping it doesn't of course.

This whale was smart to buy that much bitcoin on a pretty steep dip.  He's probably of the opinion that being able to buy it at prices this low is a bargain, and I think he's right.  Also, by buying that much he's helped to support the price somewhat and that's a good thing.

The market crash is always an opportunity for crypto investors especially for the whales so I wouldn't be surprised if the market suddenly recovers because these kind of people are just wating until the market reach it's bottom then make a large amount buy orders.

There would have to be a hell of a lot of buying in order to boost the price much.  Even with this whale buying millions of dollars worth, the price didn't rise to a great extent.  It might have prevented a further slide, but that's about it.

[K4C]

While $3 million is just a drop in the bucket and would have absolutely no effect on the market, it's nice to see that someone is still buying the dip with freshly minted money, really warms my heart because I have been buying the dip in my own little amounts but it's nice to see that the whales are really doing the same too, I think the bloodbath is over and over the next few days, we are going to be seeing a slow but steady recovery.

[Coltpython]

A lot of whales are actually looking to cash in following this epic market crash. So it comes as no surprise that there has already been some major movements of fiat in the backgrounds

[r32godzilla]

3 millions USD definetely can´t change the trend, but it could be a good sign that some whale have informations that we do not have.
Do you think that person with a 3 million USD will do a risky trade? Of course that not, he has to know what we do not know and that is very important to know. Follow whale´s moves.