While the whole world is waiting for the US Federal Reserve’s (Fed) interest rate decision, crypto money investors have started to plan their moves according to the decision. According to the information shared by the on-chain data platform Lookonchain, a mysterious person or company withdrew $600 million USDC from the Circle company from January 9 to January 25.
converted to USDT
Today, hours before the Fed decision, this account has withdrawn an additional $31.3 million USDC from the Circle company. These withdrawn USDCs were later converted to USDT and distributed to Binance, Coinbase and Kraken exchanges. The total amount withdrawn from Circle since January 9 has reached approximately 632 million dollars.
Waiting for pickup?
Considering that USDC and USDT are the two largest stablecoins, this investor may want to keep cash in their accounts to act quickly according to the decision from the Fed. If the statements of the head of the institution, Jerome Powell, are at the “pigeon” level after the Fed’s announced decision, a significant upward movement may come in cryptocurrencies, especially Bitcoin. This will help investors with cash to buy quickly.
Bitcoin is trading at about $23,000 at the time of writing. It is considered certain that the Fed will increase interest rates by 25 basis points after the meeting.
