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bitcoin btc tether USDT

Clear Skies For Bitcoin As Tether Settles With NYAG

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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