Tether and Bittfinex are in a spot of bother with the New York Attorney General (NYAG) and if this latest evidence is confirmed it could get a whole lot worse - you decide!
Starting with the back story, the NYAG have asked Tether and Bittfinex owner iFinex to hand over documents as they are looking into possible fraud in which they believe iFinex used Tether to hide potential losses at the Bittfinex exchange. Once again I must stress nothing has been confirmed here. iFinex have already explained the deposited money had been seized and moved to a few jurisdictions including the UK by the authorities.
Now in a dramatic update Token Analyst has produced some evidence on twitter with their real-time analytics that could possibly prove that Tether has been manipulating the price of BTC.
(Image fom Token Analyst)
This graph shows the amount of USDT volume coming into the market and it shows that there is clearly a correlation in price when Tether decides to mint new tokens. With a price fall when Tether has burnt a certain amount of tokens circulating in the market. Tether has recently moved from the Omni blockchain over to an Ethereum based blockchain, However, one thing to note is that despite deciding to migrate away from the Omni blockchain, there has been a significant spike in the number of on-chain Omni-based USDT transactions in 2019.
(Image from Token Analyst)
What does this all mean for iFinex, Tether and Bittfinex? Have they been manipulating the Bitcoin price?
We will leave that to the NYAG and the legal system but the data is interesting and they are already embroiled in a compelling case and now this data emerges
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?