Hi everyone , u may know the news but I'm sharing it again here
"On Apr. 25, the office of New York Attorney General Letitia James alleged iFinex, the company behind Bitfinex and Tether, of misusing $900 million of Tethers cash reserves to hide an $850 million loss. Immediately thereafter, the bitcoin price plunged by seven percent against the U.S. dollar.
On Binance, the worlds largest cryptocurrency exchange, the bitcoin-to-tether (USDT) pair dropped from around $5,500 to $5,102 at the days lowest point, recording a 7.2 percent drop.
Bitcoin has since recovered to $5,233 and is en route to close the day with a 5 percent decline."
https://cryptoslate.com/tether-bombshell-leads-to-5-wipeout-of-bitcoin-can-the-market-recover/
most people see tether as a currency which is backed by $ so when they change btc ( or any other crypto ) to tether they are pretty sure whenever they want they can get real dollars instead of tether in their bank account , now if amount of dollar is not same as the token amount so there is risk of not being able to change crypto to dollar is it the main reason that crypto value has decreased the market ?
Is this idea true? if no , please clarify me why btc price has decreased?
2) what do u think about future of tether ?
3) how much dependence on Tether will decrease?
I'm new to the crypto and this market ,maybe my ideas are really simple or wrong , so i would be happy if u help
thanks in advance
This tether scandal is so alarming and something have to be done about it immediately to avoid our market crashing instead of us experiencing a bull run in price which we have all been expecting for a while now, I for once knew that tether has something shady going on with them but I really didn't care because they are a stable coin and I use it for purchase of goods and services instead of making use of fiat, but now things are being revealed. "On Apr. 25, the office of New York Attorney General Letitia James alleged iFinex, the company behind Bitfinex and Tether, of misusing $900 million of Tethers cash reserves to hide an $850 million loss. Immediately thereafter, the bitcoin price plunged by seven percent against the U.S. dollar.
On Binance, the worlds largest cryptocurrency exchange, the bitcoin-to-tether (USDT) pair dropped from around $5,500 to $5,102 at the days lowest point, recording a 7.2 percent drop.
Bitcoin has since recovered to $5,233 and is en route to close the day with a 5 percent decline."
https://cryptoslate.com/tether-bombshell-leads-to-5-wipeout-of-bitcoin-can-the-market-recover/
most people see tether as a currency which is backed by $ so when they change btc ( or any other crypto ) to tether they are pretty sure whenever they want they can get real dollars instead of tether in their bank account , now if amount of dollar is not same as the token amount so there is risk of not being able to change crypto to dollar is it the main reason that crypto value has decreased the market ?
Is this idea true? if no , please clarify me why btc price has decreased?
2) what do u think about future of tether ?
3) how much dependence on Tether will decrease?
I'm new to the crypto and this market ,maybe my ideas are really simple or wrong , so i would be happy if u help
thanks in advance