• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Clear Skies For Bitcoin As Tether Settles With NYAG

February 23, 2021
in Bitcoin
Reading Time: 3min read
Clear Skies For Bitcoin As Tether Settles With NYAG




A dark cloud has been lifted from Bitcoin, and it could mean clear skies for the crypto market for here on out. Why? The most dangerous potential “black swan” hanging over the crypto market for years, has now been significantly derisked. According to breaking news, the company behind the stablecoin Tether and crypto exchange Bitfinex, has settled with the New York Attorney General’s office for some $18.5 million to clear the firm of accusations of “any wrongdoing.”

Here’s why this is such a big deal for Bitcoin, Ethereum, and the rest of the crypto market.

Dark Cloud Of Tether FUD Lifted From Crypto Market

Tether has long been the center of controversy in the cryptocurrency market. The stablecoin trading under the USDT ticker, earned itself a notorious reputation early on for a lack of transparency into the fiat and assets said to be backing the asset.

Tethers are tied one to one with the dollar in terms of value, and are said to be backed by a corresponding dollar or asset valued accordingly. The New York Attorney General’s office, however, made allegations against Tether after issues arose stemming from a portion of the company’s assets it could no longer access.

RELATED READING | ONE YEAR LATER: BITCOIN EMERGES AS “THE STIMULUS ASSET”

Tether today revealed that it has settled with the NYAG’s office for $18.5 million, while admitting to no wrongdoing. According to a statement, over 2.5 million pages of documents were submitted providing insight into operations, helping to defend the company’s innocence. ‘

A settlement, however, doesn’t fully prove innocence, so there’s no telling the true situation behind the scenes at Tether.

tether bitcoin usdt

As more USDT enters the market and supply rises, so does Bitcoin price | Source: BTCUSD on TradingView.com

Forecast: Clear Skies For Bitcoin And Altcoins

The stablecoin was also demonized for being used to manipulate the price of Bitcoin during the 2017 bull market. There’s also a direct correlation with new stablecoins entering the crypto market, and large Bitcoin uptrends.

One of the darkest clouds hanging over Bitcoin this entire time, however, has been the claim that the cryptocurrency market’s capital was nothing but unbacked capital built on Tether, that was ready to come crashing down as soon as this case concluded.

RELATED READING | BITCOIN HASN’T REACHED MANIA STAGE YET, ACCORDING TO THIS METRIC

The crypto community speculated it could potentially mean the end of the current bull market, had that information come to light. Instead, a settlement means the case is now closed, and the company is essentially cleared of “any wrongdoing” as it claims.

With nothing wrong to report, and no pending cases against Tether. There’s nothing but clear skies for Bitcoin and the rest of crypto.

Featured image from Deposit Photos, Charts from TradingView.com



Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinClearNYAGSettlesSkiesTether
Next Post
Bitcoin & Cryptocurrency Mining Pools Explained | Best Mining Pools PPS vs PPLNS

Bitcoin & Cryptocurrency Mining Pools Explained | Best Mining Pools PPS vs PPLNS

The Truth About Crypto.com | Is CRO Token a Good Investment? | Buy and Sell Cryptocurrency in 2020

The Truth About Crypto.com | Is CRO Token a Good Investment? | Buy and Sell Cryptocurrency in 2020

Don't Miss

CHAINLINK – MOST CRITICAL CRYPTO ON ETHEREUM  – (explained 2020)
Cryptocurrency Videos

CHAINLINK – MOST CRITICAL CRYPTO ON ETHEREUM – (explained 2020)

by Lascena Cryptocurrency News Education
March 8, 2021
0

Chainlink may be the most important crypto built on Ethereum in 2020. 🐙 NUMBER ONE EXCHANGE TO BUY AND SELL...

Read more
Trump Test Positive “It’s All FAKE News!” Prediction On Crypto & Election (Ripple XRP News)

Trump Test Positive “It’s All FAKE News!” Prediction On Crypto & Election (Ripple XRP News)

March 8, 2021
What is TrustSwap (SWAP) Cryptocurrency? | Best Cryptocurrency to Invest in 2020 | 100x Potential?!

What is TrustSwap (SWAP) Cryptocurrency? | Best Cryptocurrency to Invest in 2020 | 100x Potential?!

March 8, 2021
The BEST Bitcoin BTC Miner EVER | Bitmain Antminer S17+ Plus Review

The BEST Bitcoin BTC Miner EVER | Bitmain Antminer S17+ Plus Review

March 7, 2021
WARNING! MARKETS IN SERIOUS DANGER! TIME TO SELL STOCKS? News 2020

WARNING! MARKETS IN SERIOUS DANGER! TIME TO SELL STOCKS? News 2020

March 7, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$50,607.002.49%
  • ethereumEthereum(ETH)$1,740.044.75%
  • cardanoCardano(ADA)$1.152.59%
  • tetherTether(USDT)$1.010.44%
  • Binance CoinBinance Coin(BNB)$237.204.79%
  • PolkadotPolkadot(DOT)$34.933.49%
  • rippleXRP(XRP)$0.4672360.77%
  • UniswapUniswap(UNI)$34.1411.06%
  • litecoinLitecoin(LTC)$189.723.72%
  • chainlinkChainlink(LINK)$29.202.51%