On Sunday (2 September 2018, 20:19 UTC), Ran NeuNer, the host of CNBC's “Crypto Trader”, said on Twitter that the $100 million in new Tether (USDT) reportedly sent to crypto exchange Bitfinex suggested that if the Bitcoin (BTC) price went up, the shorts would get “REKT.”

He expressed his views on Bitcoin’s short term price action with the following tweet:

It all started when someone opened a 10,000 BTC short position on Bitfinex on Saturday (1 September 2018):

Then, around 4pm (UTC) today, we found out about $100 million in new Tether (USDT) being sent to Bitfinex:

The combination of these two events led to much speculation on crypto Twitter, but perhaps the best commentary came from Chris Burniske, a partner at venture capital firm Placeholder Management, via the following thread:

According to data from CryptoCompare, at press time (around 22:15 UTC), Bitcoin is trading around $7,278, up 1.06% in the past 24-hour period.


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