Tether keeps on churning out new currency since about 50 million USDT tokens entered the market while the downward slide for Bitcoin continues. In the altcoin news today we take a closer look at the analysis.
Bitcoin spent most of the day yesterday in a downward slide and bottomed out at $10,800. From that position, it rapidly rebounded and surged above $11,500 again where the 50-hour moving average stands. Since then, the major cryptocurrency started to fall back again and is currently trading at $10,900.
Bitcoin lows are getting lower but on the monthly overview, Bitcoin is still within its range and is trading sideways. This move was maybe linked to Tether since Tether keeps on churning new currency and now the Whale Alert twitter account reported that mint of 5 billion tokens are sparking a dose of speculation.
The popular crypto trader Alex Kruger noticed the 5 percent increase and noted:
“Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.”
The weekly charts indicate that the things could be turning into a bearish mood for bitcoin. There have already been long wicks through resistance but it was never a closure above it. The horizontal support line stays in the $8,000 region so the larger correction could be heading there as well.
Tradingview analysis company issued a report that shows that bitcoin’s 14 percent pullback the market dominance still remains a solid 67.7% at the moment.
About $10 billion was lost from the entire market cap over the past 24 hours which is now at $307 billion. The charts are red this morning as most of the crypto assets are continuing the downslide. Bitcoin SV took the biggest dump today losing over 7% and falling below $150. As noted in the latest cryptocurrency news, most of the altcoins are in meltdown apart from the ICON (ICX) token.
Tether Limited Launched Gold-Backed Stablecoin On Ethereum
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Tether Seems To Be Okay With The Merged Lawsuits Against It
“We did not oppose the plaintiffs’ requests to combine these frivolous claims, originally filed, respectively, in October in New York, in November in Washington and in January in New York,” is what a recent Tether statement from Jan. 17, 2020 shows.For those of you who don't know, there are many parties which suspected Tether (USDT) alongside its related exchange Bitfinex, of foul play numerous times over their existence. Tether seems to be okay with it - even with one of the most recent ordeals on the subject that Tether and Bitfinex allegedly caused the Bitcoin bull run of 2017 by carrying out illegal activities.The legal counsel for the lawsuits from Leibowitz, Young and Faubus filed a letter with the judge on January 16 requesting a merger of the three disputes. The letter also included that the mentioned lawsuits overlap in multiple areas and have similarities which is why the case allows for consolidation.As a result of this, even three lawsuits against the stablecoin surfaced but Tether seems to be okay with them - even though they might be combined in a single prosecution now. Despite the fact that the combination may give the lawsuits more strength, Tether will probably defend itself at best in court.Tether seems to be good with this and in the latest crypto news, the team gave a statement which read:
“A fourth class action was also filed in New York yesterday, which we expect will be consolidated with the previous three actions. None of these cases present meritorious claims.”Additionally, Tether claimed that the research by the prosecutors is incorrect, adding that it "deploys preselected data to retrofit a desired narrative and demonstrates a patent misunderstanding of the cryptocurrency market."
Hotel Booking Platform Travala Now Accepts Payments In USDT
“Part of our mission is to provide our users with a wide choice of the most well known and used cryptocurrencies so it made perfect sense for us to integrate USDT as a payment option on Travala.com.”Furthermore, Travala now also accepts payments of Bitcoin, Litecoin, Ethereum, XRP, Binance Coin, Stellar, Cardano, Bitcoin Cash as well as their own coin AVA. Tether joined the crypto market in 2017 and the stablecoin promised to avoid the price fluctuations with the help of the one-to-one ratio with fiat currency while the merchants showed that they are eager for the Hong Kong-based coin. According to the announcement, the addition of Cardano appeared to catch the foundation by surprise.The booking site which started on the NEO platform initially before switching to Binance’s chain at the start of September didn’t shy away from the ambition to boost the mainstream use of cryptocurrency just when it moved to BinanceSean Mackay, the lead operations at PaymentsSource which is a financial services resource stated:
“Merchants used to accept Bitcoin, Ethereum, Ripple and convert it into Tether in order to hedge against the volatility. Now we are seeing the payments just being done directly in Tether.”In April 2019, the New York Attorney General Letitia James charged the parent company of Tether, Tether Limited, of colluding with the parent company iFinex for using Tether’s reserve funds to cover the loss of more than $850 million in client and the corporate funds from the BitFinex crypto exchange which eventually undermined the claims USDT to stability based on the USD reserves. Despite the legal disputes with iFinex and having the fifth-highest market cap, Tether continues to see the highest daily and monthly trading volume and it now holds a 24-hour trading volume of nearly $26.5 billion surpassing that of Bitcoin’s $22.5 billion.
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