NFT Collection The Superlative Secret Society Price, Stats, and Review
Top Firm Warns: Bitcoin Price Could Be Headed For A Surprise Move
Just In: Semler Scientific To Grow Bitcoin Treasury to 105,000 by 2027
Binance Futures Adds NEWTUSDT Perpetual Contract with AI-Powered Rollup Focus
Web3 ai at $0.000443 Gains Traction with $8M Presale as DOGE Eyes $0.18 and Cardano Expands Utility
US DOJ Files Civil Forfeiture Complaint Against $225,300,000 in Digital Assets Allegedly Obtained Through Crypto Confidence Scam
Semler Scientific Appoints Joe Burnett as Director of Bitcoin Strategy, Targets 105,000 BTC by 2027
Bitcoin’s biggest institutional wave since 2024 – A macro-led rally soon?
Bitcoin Top Is In And Price Is Headed For $92,000, Analyst Warns
XBTO, Arab Bank Switzerland launch BTC yield product for institutional clients
USDC Integration On XRP Ledger Arrives At Top American Exchange
Bitcoin Surpasses $100,000 for Over 40 Days, Hits New Uptime Milestone
Official TRUMP Token Breaches 15-Day Double-Top Resistance as Trump Cuts Crypto Stakes
Public Firms Turn Into Bitcoin Vaults as Crypto Strategy Goes Mainstream
Coinbase’s 11% Surge Reinforces Confidence as Qubetics, BNB, and Solana Stand Among Top Coins to Join Today
Bitcoin ‘weak hands’ sell 15K BTC at a loss: Are BTC lows under $100K next?
Ethereum Bullish Wave Towards ATH Coming? Here Are The Targets
France Rejects Proposal to Study Bitcoin Mining for Energy Surplus
Bitcoin Faces Tight Daily Squeeze – Volatility Incoming Amid Geopolitical Risks
30% of Bitcoin could be ‘lost forever’ by 2035 – Why that’s a big deal
Bitcoin doesn’t budge on Israel-Iran war, for now: NoOnes CEO
Ethereum Records Massive Growth As New ETH Addresses Skyrocket Since May
Musk’s X plans payments, investment features rollout for 2025 — Report
16 Billion Login Credentials for Major Online Platforms Leaked in Massive Data Breach
Lending TVL Hits Record $55.7B
Tether FUD: The Mystery Behind $1 Billion USDT Print, Will Bitcoin (BTC) Price Pump?
The crypto market is going through another bearish phase this month as the top cryptocurrencies lost majority of their gains from October. Bitcoin (BTC) has failed to hold key support of $55,000 and currently trading at $54,777. Amid growing pressure from the bears, Tether’s latest issuance has created another market FUD.
Tether is often accused of printing additional USDT to pump the BTC market. Even though there hasn’t been conclusive evidence for the claims, the controversy around Tether’s reserves only adds fuel to the fire. The latest issuance of $1 billion USDT has created a similar controversy especially given the crypto market is bleeding.
Tether treasury printed a billion-dollar worth of USDT on November 26, the same day the crypto market fell sharply due to Covid-19 new variant induced fears in the stock market. Infamous crypto Twitter account that goes by the name of Mr. Whale claimed that Tether treasury minted $1 billion out of thin air.
BREAKING: 1 Billion unbacked $USDT magically printed out of thin air at the #Tether Treasury. pic.twitter.com/xgs5nUJVFs
— Mr. Whale (@CryptoWhale) November 26, 2021
The controversy also comes at a time when the US federal agencies have demanded more power from Congress to crack down on the stablecoin market. Tether has always been a major concern for the regulators, given its past record with the mismanagement of USDT reserves. The stablecoin issuer was recently fined $41 million by CFTC over misleading claims. However, this wasn’t the first time that Tether has found itself at the receiving end of regulatory agencies.
Earlier in February this year, Tether settled a long-drawn case with the New York Attorney General (NYAG) Office for mismanagement of funds. Tether was fined $18.5 million and barred from offering any service in New York.
Will BTC Price Pump Post Tether Issuance?
Bitcoin’s (BTC) price showed minor recovery earlier today, reaching a daily high of $55,329 before retracing below the $55K support zone again. The top cryptocurrency has lost more than 20% from its all-time high of $68,789 in October.
Source: TradingViewWith November turning bearish again, the major price targets of $98K seem to be out of the picture. Plan B, the Bitcoin analyst who popularised the Stock-to-Flow model admitted that BTC is set to miss its first price target of November.
Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K. pic.twitter.com/QO3bRUoGo3
— PlanB (@100trillionUSD) November 25, 2021
The post Tether FUD: The Mystery Behind $1 Billion USDT Print, Will Bitcoin (BTC) Price Pump? appeared first on Coingape.
