Yesterday the NY Times came out with a follow up article to Bloomberg's about the Tether issue.
Tether is supposed to be backed by USD and other currencies in some bank account. Whether it is or isn't only matters if you are holding Tether itself. If it is found that Tether is not backed by the USD then there will definitely a fallout in the Tether market, along with numerous investigations and probably some arrests as well, but we are making an assumption, and how will it affect the market even if it's true.
The NY Times did not have anything to offer other than "mystery" when they posted their article yesterday "Worries Grow That the Price of Bitcoin "Is Being Propped Up".
India:
Another month and more rumors of yet another Country going to BAN Bitcoin'. But is this more FUD?
For weeks we've heard various targets for the "bottom" of this correction, some magical place where the pullback from the peak would finally reverse and the bulls would get their mojo back. I aimed for 7.5K on my previous charts, and as the correction goes on, that target has come into sharper focus.
After hitting the fabled "8K" that everyone's been chanting about, we should see a solid bounce back up to a strong demand, on the way to complete a trendline, and enjoy more sideways ranging from 10K-11,5K underneath that 50% fib.
Looking for a strong bullish reaction around 15-16K. Might be setting up for another bull trap and slow slump just like how the 2014 bubble bear market started..
great analiysis of cryto world thanks for update this news😂
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most people just follow the fake news - that is what we see
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If tether turns out to be a scam then all bets are off. Bitfinex will likely cease operations or be shut down by a government. You may or may not be able to get your money out. The other exchanges that use usdt would also likely see a bank run scenario and could possibly fail as well.
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Agree
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I hope BTC will recover very soon...maybe after the Chinese New Year celebration?
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Yes, i also think around end of february.
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Aren't you guys starting to think that because everyone believes this it won't actually happen? Every person believes chinese new year will fix everything. I don't really know if its the case to be honest anymore.
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Historically last 3-4 years you see a double dip jan and feb and start of a regain in March
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Thanks for the great analysis. I personally think that the bear market may continue for a while this February. Maybe the price can go back up to 10k or drop down to lower support levels at 6k and 3k. Whales still have time to play with the market together with governments spreading FUD. But once mass adoption starts kicking in, their happy days will be numbered.
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Agree
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Great Post Sab. always giving us great review and information @tradewonk I gave you vote 100% ♥
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Thank you for all your efforts. I always follow your news @tradewonk
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So true.
I think its gonna go down till mid or end of feb, but later it'll hike up even more than before.
Just a suggestion to those who are willing to invest in crypto, this is the right time!
Invest now and earn profit later.
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i'm kinda just turning off tickers for the time being, i've spent too much time focused on it, just gotta keep on keeping on with my course residuals that are my main day to day! :)
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Thanks for this cryptocurrency news update providing.... i appreciate this trading....carry on dear....
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Please Follow me and read my blog!!
I find it incredible what you do! upvote me
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You got a 15.65% upvote from @postpromoter courtesy of @tradewonk!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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Ahhhh...the ebb and flow of supply and demand market dynamics...which very few understand and even fewer are able to capitalize on...why do you think the mainstream media bashes crypto every chance it gets...because they represent the propaganda arm of central governments...the ruling elite full realize that crypto put their fiat existence in serious jeopardy...if we don't continue to play by their rules, and tie into their worthless paper money products, then they can't retain their lofty positions above the laws they want the rest of us to abide by...
Cryptos aren't going anywhere...the smart investor looks for cash free opportunities to get into crypto, like Steem...I haven't invested a single dime of fiat currency, and yet I've accumulated over $10,000...and that's been with very little effort, and sporadic involvement with the platform...those who shovel money into crypto are playing the same game that stock brokers do...they're placing finances at risk.
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bitcoin will go back soon just wait and hold its just my opinion according to last year
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Aww
BTC is dying
Hmmm
Please i have something for you
https://steemit.com/newstory/@showboybeezy/the-adventure-of-tom-sarvyer-season-1-episode-1
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even over here in Nigeria we hear so many things regarding banning of Bitcoin and so much and so forth although there is nothing official yet. however there was a sanator that was urging the central bank not to allow nigerians to have anything to do with it. most of the replies concerning what said where against him. they said that he was simply not happy that wealth is being spread by the crypto world.
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Also the Finance Minister of India didnt say they will crack down on crypto currency, this is what he said : “The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities."
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BTC only recover right after the tether issue is done.
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Its true, too much FUD on the news and I actually made a very detailed post on the whole Tether situation yesterday and how it can severely affect the market, feel free to read this and resteem if this interest you:
https://steemit.com/cryptocurrency/@denoxblogger/the-issue-with-usd-tether-and-facts
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i was hearing a couple of days ago that if the tether was actually in place they would have to have about $ 3 billion in reserve to honour the tether.
Sadly i dont think that is the case which is why the tether was at .95 last time i check. People are happy to take the loss to get out of it. Given all that has happened in the last month it’s certainly not doing much for the populus in ensuring confidence.
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