Bitcoin Today: How much it will harm, if Tether is dead?
Price
Monday spike did not manage to fix the price positions above 6800, still, the price shows positive behavior above 6600 level. For now, the crowd is still digesting the new Tether situation, whether it is was a fud panic around USDT to twitch bitcoin price or Tether really have problems this time. From the technical view, comeback below 100-days EMA and 7000 cancels possible bullish movements, sending the price in a lateral channel, at least until the situation with Tether will be clarified. 6600 is an important support level, breakthrough below this level will indicate that bears gaining power and could send the price to the 6000 support. From above 6800 and 7000 level will serve as a resistance in case of upward impulses.
Today forecast
Today most probable trading diapason: 6600 - 6800. In case of crossing the 6600 - high downward risk.
Latest news
Monday spike did not manage to fix the price positions above 6800, still, the price shows positive behavior above 6600 level. For now, the crowd is still digesting the new Tether situation, whether it is was a fud panic around USDT to twitch bitcoin price or Tether really have problems this time. From the technical view, comeback below 100-days EMA and 7000 cancels possible bullish movements, sending the price in a lateral channel, at least until the situation with Tether will be clarified. 6600 is an important support level, breakthrough below this level will indicate that bears gaining power and could send the price to the 6000 support. From above 6800 and 7000 level will serve as a resistance in case of upward impulses.
Today forecast
Today most probable trading diapason: 6600 - 6800. In case of crossing the 6600 - high downward risk.
Latest news
- Comments on the Tether fall
Coindesk published a Tether team statement regarding the incident, attributed to chief compliance officer Leonardo Real:
"Tether is the leading provider of tokenized fiat currencies and is listed on many exchanges worldwide. We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities. In June 2018, a report from Freeh Sporkin & Sullivan, LLP (FSS), based on a random date balance inspection and a full review of relevant documentation of bank accounts, confirmed that all Tethers in circulation as of that date were indeed fully backed by USD reserves."
The talk is about the fall of USDTUSD price, which has fallen to an 18-month low Monday, despite a general rise in the wider cryptomarket. Furthermore, this drop is advocated as the main reason for the bitcoin spike above 7000 on Monday.
Interestingly, other recently introduced stablecoins like Gemini Dollar (GUSD) and TrueUSD (TUSD – Bittrex stablecoin) are up 1.85 percent and 4.96 percent, respectively.
Such events lead to the conclusion that regardless of Tether real situation, traders change the main crypto-dollar for other assets. Which is an extremly dangerous sign for Tetjer future.
