#newkidsontheblockchain #bitcoin #tether
The New Kids On The Blockchain are back with another week of news covering the reported Bitfinex / Tether fraud, bitcoin price, crypto exchanges and all your blockchain and crypto news.
NEWS
From Fortune Bitcoin Tumbles After Officials Allege $850 Million Fraud
The cryptocurrency markets buckled on Thursday evening after New York’s attorney general accused the owners of a prominent exchange, Bitfinex, of using illicit transactions to mask $850 million in missing funds.
According to a 23-page legal filing, Bitfinex raided the reserves of a so-called stablecoin called Tether—a digital currency purportedly backed one-to-one by U.S. dollars—in order to pay out customers demanding withdrawals from the exchange.
The news caused Bitcoin to fall nearly 6% to around $5,100, and raises questions about the viability of Tether, which many investors use as a surrogate for dollars to move in and out of different cryptocurrencies.
The attorney general’s filing says the funds raided from Tether amount to $850 million. According to Chad Cascarilla, who is head of a company called Paxos that makes a rival stablecoin, that figure would account for at least 27% of Tether’s dollar reserves.
From News BTC Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed
Despite all the turmoil surrounding Tether and the crypto space at the moment, ShapeShift CEO Erik Voorhees, concludes that the controversy might just be the best evidence yet that “disproves” Bitfinex’ed’s theory that Tether’s weren’t 1:1 backed by a corresponding US dollar as the company claims.
Voorhees points out, if the reserve fiat didn’t exist, Bitfinex would likely have not been able to cover the loss, and would have went under. The fact that Bitfinex was able to borrow from the reserve to cover the loss suggests that the reserves were indeed fully backed as the company has asserted from the very beginning.
From CryptoSlate Major exchange eTrade reportedly integrating Bitcoin and Ethereum for 5 million users
According to the New York Times journalist Nathaniel Popper, eTrade, a US-based major financial assets and stocks exchange, is preparing to integrate bitcoin and ethereum for 5 million users.
“In the wake of TD Ameritrade quietly opening Bitcoin trading for some of its customers, I was just told that eTrade is preparing to begin offering both Bitcoin and Ether trading to its 5 million or so customers and is just finalizing a third party to actually hold the coins,” Popper reported.
From NewsBTC As The Digital Dust Settles, Where Will Crypto Markets Go Next?
As the digital dust begins to settle from the Bitfinex and Tether fiasco analysts are looking for clues as to where Bitcoin prices could be heading next. Many have viewed the recent events as bearish and the instant reaction of crypto markets on Friday coupled with the media FUD storm appear to have confirmed it.
After hitting a new 2019 high on Wednesday of $5,650 many were hopeful of a push past the 50 week moving average and on to $6,000. By the end of the week Bitcoin had dumped to $5,180 losing around 8 percent. BTC has recovered marginally however and held above $5,250 for the past 24 hours.
A return to the monthly support zone of around $4,500 has been predicted by a number of crypto traders and analysts.
http://fortune.com/2019/04/25/bitfinex-tether-bitcoin/
Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed
https://cryptoslate.com/major-exchange-etrade-reportedly-integrating-bitcoin-and-ethereum-for-5-million-users/
As The Digital Dust Settles, Where Will Crypto Markets Go Next?
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NB. All information shared here is for information only and should not be considered any kind of financial advice. Always do your own research.
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At first, I thought, finally, that they caught up Tether, but according to the latest report, I am not sure that Tether company was guilty.
Crypto nature is quite unstable and we shouldn’t blame Tether for that. What’s more Bitcoin feels good and nothing threatens it.
Very strange. If I trade on the fraudsters exchange, then in two years I have never felt this. LOL
well despite all the fud around tether/bitfinex bitcoin could reach 8k
The investigation will take a lot of time, but as I heard, Bitfinex and Tether already won at some points
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Hmm should I believe in the words of the official who stole $750,000 in public money and spent $500,000 of it on Election Day itself.
It wouldn’t be smart if I refuse trading on Bitfinex just because of one controversial episode, we don’t know the truth yet, we cannot make any conclusions
That would be hard for us to say goodbye to Bitfinex, I hope the platform’s innocence will be proven soon
With those guys, who spreading fud on Tether and Bitfinex it was never boring.
Don't think it's a fraud. They've been on the market since the very inception. This is just a bump on the road.
I thought it was pretty clear it is 1 to 1 backed by us dollar, it exists !
Sadly, moments like that happen in crypto – Tether can make it through and clear its name, it has enough resources to accomplish all that
Oh no what a weekend! There goes my burger.. Rest in RIP
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Another crazy week in crypto !!
Damn it Crypto Annie is so quick to beat me every week 🙂 Hey guys!!
Been following the Tether story – honestly you try and get away from the sh*t show the banks give, and then it finds its way into cryptos! not sure how im feelin
Naughty Tether!!