Hi everyone. It has been a while since I have posted an update The big recent news on cryptocurrency was the Tether FUD and it caused a 10% correction in the market. The news was published on the Wall Street Journal and the timing was very convenient when BTC was slowly rising in marketcap at around the $5300 price range. Looking at the technical analysis [credits go to the video link], the recent pumps of the american stock market is unhealthy as there has been no significant correction leading to a sqeezing wedge. When the buy volume dries up, a massive dip is bound to occur.
As to a summary of what happened at tether, was that the exchange Bitfinex was found to be the owner of Tether was missing $850 million in funds. In order for the exchange to get the liquidity, Tether printed more of its own tokens as a loan for Bitfinex to cover the missing funds which caused the drop in value in the cryptocurrencies. This event is more bad news for tether investors as a supposed stable coin went down to 0.97 USD. Fortunately, this bad news did not create a significant impact on the whole cryptocurrency market as tether is only 1 of the many stable coins.
After hearing this news, my portfolio had taken very little impact from the news as I have not bought any tether and I will never buy any. During the bear market, I have been accumulating smart contract cryptocurrencies as I have been trying out dapps. From playing the dapps to interacting with the community, I believe dapps will play a significant contribution to the bull market as daily transaction volumes exceed $1 million USD. In conclusion, cryptocurrency is growing at a faster rate and FUD articles will do little to stop it. Thanks for reading this blog post and stay tuned for more updates.
