It's quite amusing to see how seemingly bad news articles are piling up adding fuel to the already ongoing fire. If this is a coordinated effort in order to get the price to tank beyond the due correction effect, it seems to work nicely.
Good news is that Bittrex is going to allow fiat trading, which should dethrone Tether as main "fiat" trading option on that exchange. If this turns out to be a new trend amongst exchanges, then Tether will keep losing territory.
The main source of the problem, which is Bitfinex, will probably never follow to have Tether be pushed further into the background. It's pretty obvious that they thrive on that piece of centralized junk token.
Topic: [2018-02-05]All Eyes on Tether Amid Crypto Pull Back (Read 84 times)
Tether is under the spotlight amid a massive pullback in the cryptocurrency market.
The top 50 cryptocurrencies saw massive price corrections last week, coming to a head on Feb. 2. The total market capitalization dropped to just over $400 bln at the time of writing- amid massive uncertainty across the board. Almost overshadowed, but not forgotten, is the news that Bitfinex along with Tether received subpoenas from US regulators in December, who have had their eyes on the exchange and cryptocurrency.
This in itself is understandable, but industry experts have raised concerns over the last few months in relation to the increase in supply of Tether which correlated with rallies in the market. Bitfinex, which is the largest exchange in the world, threatened legal action to parties that had accused the exchange of misconduct.
The reason for the allegation is quite predictable. Bitfinex issues Tether tokens which are issued for US dollars on a 1:1 ratio. In simple terms, Bitfinex were accused of not having 1:1 reserves of dollars to issued Tether tokens.
read more https://cointelegraph.com/news/all-eyes-on-tether-amid-crypto-pull-back
The top 50 cryptocurrencies saw massive price corrections last week, coming to a head on Feb. 2. The total market capitalization dropped to just over $400 bln at the time of writing- amid massive uncertainty across the board. Almost overshadowed, but not forgotten, is the news that Bitfinex along with Tether received subpoenas from US regulators in December, who have had their eyes on the exchange and cryptocurrency.
This in itself is understandable, but industry experts have raised concerns over the last few months in relation to the increase in supply of Tether which correlated with rallies in the market. Bitfinex, which is the largest exchange in the world, threatened legal action to parties that had accused the exchange of misconduct.
The reason for the allegation is quite predictable. Bitfinex issues Tether tokens which are issued for US dollars on a 1:1 ratio. In simple terms, Bitfinex were accused of not having 1:1 reserves of dollars to issued Tether tokens.
read more https://cointelegraph.com/news/all-eyes-on-tether-amid-crypto-pull-back
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