Yesterday the NY Times came out with a follow up article to Bloomberg's about the Tether issue.!
Tether is supposed to be backed by USD and other currencies in some bank account. Whether it is or isn't only matters if you are holding Tether itself. If it is found that Tether is not backed by the USD then there will definitely a fallout in the Tether market, along with numerous investigations and probably some arrests as well, but we are making an assumption, and how will it affect the market even if it's true.
The NY Times did not have anything to offer other than "mystery" when they posted their article yesterday "Worries Grow That the Price of Bitcoin "Is Being Propped Up".
India:
Another month and more rumors of yet another Country going to BAN Bitcoin'. But is this more FUD?
For weeks we've heard various targets for the "bottom" of this correction, some magical place where the pullback from the peak would finally reverse and the bulls would get their mojo back. I aimed for 7.5K on my previous charts, and as the correction goes on, that target has come into sharper focus.
After hitting the fabled "8K" that everyone's been chanting about, we should see a solid bounce back up to a strong demand, on the way to complete a trendline, and enjoy more sideways ranging from 10K-11,5K underneath that 50% fib.
Looking for a strong bullish reaction around 15-16K. Might be setting up for another bull trap and slow slump just like how the 2014 bubble bear market started..
