Bitfinex will not go bankrupt any soon and neither USDT is dead...Just FUD

in #steempress6 years ago (edited)

From my short experience with trading and investing in cryptos and of course following media outlets on the cryptocurrency and blockchain arena I learned that the crypto world is not a "free from rumors heaven" and that in fact such rumors and FUD spread by big media outlets or all sort of powerful twitter accounts can affect the price of cryptocurrencies a lot and that's what they do periodically. Recently though it was not Bitcoin that suffered from the sharp claws of such price manipulators, but USDT instead.
Yes, a stable coin, that for about a day wasn't that stable anymore thanks to what I would say was an orchestrated FUD, but that's the subject of another story.

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As I wrote in a post yesterday, USDT has had a strong implosion in price a day ago in which it felt to as low as .80 dollars. Can't call it a USD pegged crypto anymore isn't it? At the moment of writing it is priced at $0.981688 and I have the hunch that it will soon come back to normal and its $1 value. However, yesterday it was rumored to soon be burning in hell and some of the "logic" around these statements were regarding Tether and Bitfinex having the same leading heads and that Bitfinex was on the edge of bankruptcy and that Tether doesn't actually has its cryptos backed by USDs.
Thus all that followed was just FUD and despair among newbies and news traders that sold massively their USDTs and bought into other paired cryptos. However Bitfinex came out today with an official blog post in which announced that their fiat deposits system was improved and that it's ready to be used by their verified users.

The currencies supported by the new system are USD, GBP, JPY and EUR and the above mentioned blog post describes also how exactly the new system works for depositing fiat on the platform. For more info feel free to check the link tied to blog post above in the article and see for yourself what's new at Bitfinex. As a conclusion, Bitfinex, one of the largest cryptocurrency exchanges by trading volume in the world, is not doomed for bankruptcy, USDT is not dead but the crypto space suffered another shakeout just to prove everybody that there is still some wild west in it. In just one day though probably enough FUDers have lost some good amounts of money for just paying attention to the news and that's how some have to learn trading.

Thanks for your attention

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@acesontop Thank you for not using bidbots on this post and also using the #nobidbot tag!

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