Reason Why The Crypto Market Is Down (Part 5)
#5. The Department of Justice is investigating Tether (USDT).
The U.S. Department of Justice (DOJ) is investigating Bitcoin’s meteoric price upward push in late 2017. According to some sources, Bitcoin’s charge rose to nearly $20,000 due to manipulation on the cryptocurrency trade Bitfinex.
Bitfinex troubles the stablecoin Tether (USDT). Researchers at the University of Texas observed that each time Bitcoin’s charge started to decrease, Tether had been used to purchase Bitcoin on a variety of exchanges.
Now, the DOJ and the Commodity Futures Trading Commission (CFTC) are involved. Tether, Ltd., has also been accused of no longer having the dollars to guide its 1 to 1 USDT to USD ratio that it claims to have.
The uncertainty surrounding whether Tether is simply a stablecoin and Bitcoin’s bull run have negatively affected investor confidence in the crypto market.
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