Tether’s Shady Manipulation And Bitcoin Cash Fork War Combine To Destroy The Cryptocurrency Market

Yesterday, the cryptocurrency market saw a little boost in price as some coins were trading in green against the USD. At a time like this, even the smallest shade of green is important. Unfortunately, the sentiment quickly turned negative thanks to Tether’s shady business and the BCH fork war. These two projects are now tagged as controversial in the entire cryptocurrency community. Tether has always had a history of shady business but Bitcoin Cash entered the realm light during the BCH fork war.

BCH And Tether Drag The Cryptocurrency Down

Before the November 15 fork war, Bitcoin Cash was regarded as one of the few cryptocurrencies that made the cryptocurrency industry worth investing in. Unfortunately, the war within the BCH community eroded the good will of investors after it led to a split of the Bitcoin fork into BCH and BCHSV.

Both Bitcoin Cash SV and Bitcoin Cash ABC teams are struggling to gain the favour of the public. However, the cryptocurrency investment landscape is still fragile. The price pump of BCH that was driven by greed has now turned into a bleed out. The price of BCH is shedding off day in day out. Craig Wright isn’t ready to stop the war anytime soon as he has been throwing shades at virtually everyone and every coin in the industry. This has chased short-term investors away from the market.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$3,616.25
0.09%
Bitcoin Cash (BCH)
$128.44
0.11%

Main while, at another point in the continuum, Tether (USDT) the leading stable coin in the market is up to something shady. The everly controversial issuer of the USDT coin, Tether is said to have a suspicious relationship with its closest friend, Bitfinex. The current situation in the market has brought back the debate regarding whether Bitfinex used USDT to manipulate the price of Bitcoin in the last quarter of 2017.

Tether is currently under investigation according to the reports on Bloomberg. The company has produced about $1.81 billion stablecoins over time. Many experts have questioned the USD backing of the USDT. This is because even if the company claims to have a USD reserve of all its USDT tokens that peg the price to the USD, investors are not sure this is true. This doubt became stronger when the price of USDT fell below the $1 peg against the USD.

Last month, the regulators opened a criminal probe into the industry in a bid to fish out shady firms and protect investors from the ever volatile industry. These investigators also believe that there is a shady relationship between Bitcoin, Bitfinex and Tether. The rumor is that Bitfinex illegally manipulates prices using Tether. They use Tether to buy Bitcoin at strategic moments when the price is low and sell it later. Bitfinex has denied being party to any such price manipulation.

Tether (USDT) Price Today – USDT / USD

Name Price24H (%)
Bitcoin (BTC)
$3,616.25
0.09%
Tether (USDT)
$1.00
0.02%

At this point, no one can predict what next month will bring. Investors who don’t want to sell-off can only wait and see if positivity will return to the market again. Some experts claim that the worst is yet to come and that the price of Bitcoin is going to fall as low as $3000 before any relative stability can be achieved. Right now, BCH, Bitcoin and almost all the top cryptocurrencies are trading in red against the USD.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.