How bad will Bitfinex's demise, and inevitable crash of the Tether affect the overall cryptocurrency market?
I had no idea any of this was going on over at Bitfinex via the Tether until now, and when the jig is finally up, how bad will the market get hit?
What price will Bitcoin fall to, especially after so many witnessed the fall of Mt. Gox some years back, and all of their investments were just gone in a puff of smoke... without a trace?
Here's the articles if you'd like to know what the hell I'm talking about by the way:
https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
What say you guys and gals, are you worried... or is this just highly believable fear, uncertainty, and doubt?
The cryptocurrency market is too large and too diverse at this point to have bitfinex or any single exchange have that big of an effect on the overall Market. If bitfinex fails and for that matter tether then they just fail and everyone who invested in them with all of these warning signs will lose a lot of their money. Keep in mind there are other exchanges and when mt.gox failed it was because they were the only real major exchange in a very small cryptocurrency market and that's why the effect was so profound. In today's well-capitalized bitcoin' and altcoin Market even China trying to completely delegitimize and kill off Bitcoin in the entire country is not enough to stop Bitcoin. The overall value of most coins since the Chinese regulations has fallen about 40% and only 40%! They have since stabilized. So since China can shut down every single Exchange in China and almost completely halt Bitcoin facility in their country and the cryptocurrency market is still standing and has stabilized what makes you think a single exchange with well-known problems that people should have left a long time ago can have any real effect on bitcoin's price?
A fair point indeed, and thanks for putting my mind at ease. 😀
No problem bro. A lot of people are new to the crypto space and they are applying the same type of concerned and worried that they would to traditional Investments such as stocks. The best way to deal with these extreme price move its in crypto is to ask yourself if I really think Bitcoin can fail then that means that it's equivalent can fail. That would mean that the average investor believes that there is a possibility of the dollar failing. Since everyone knows that the dollar can't fail because that would mean a destruction of overall economic output and the global economy then that's obviously not an option.
At least with them gone, there will be less fake volume going on as well.
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