The crypto market is going through another bearish phase this month as top cryptocurrencies have lost most of their gains from October. Bitcoin (BTC) failed to hold the key $55,000 support and is currently trading at $54,777. Amid growing bears’ pressure, Tether’s latest issue has created another market FUD. Detail cryptocoin.com‘in.
Will Bitcoin be affected?
Tether is often accused of printing additional USDT to pump the BTC market. Despite the lack of conclusive evidence for the allegations, the controversy over Tether’s reserves has only fueled the fire. The latest $1 billion USDT issuance has sparked a similar controversy, especially given the crypto market is bleeding out.
Tether treasury printed billions of dollars USDT on November 26, on the same day the crypto market fell sharply due to fears of Covid-19 new variant in the stock market.
The controversy also comes at a time when US federal agencies are demanding more power from Congress to crack down on the stablecoin market. Given its track record of mismanagement of USDT reserves, Tether has always been a major concern for regulators. The stablecoin issuer was recently fined $41 million by the CFTC for misleading claims. Earlier in February this year, Tether settled a long-standing lawsuit with the New York Attorney General’s (NYAG) Office over mismanagement of funds. Tether was fined $18.5 million and banned from providing any services in New York.
BTC has lost more than 20% from its ATH of 68,789 in recent corrections. Major price targets of $98k seem out of the picture. Bitcoin analyst Plan B, who popularized the Stock-to-Flow model, admitted that BTC is ready to miss its first price target in November.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.