Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => USDT Forum => Topic started by: Malam90 on February 24, 2021, 05:25:55 AM
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Bitcoin (BTC) and other cryptocurrencies recovered partially from their biggest sell-off in a month after the New York state Attorney General’s office announced a settlement of a dispute involving the stablecoin tether (USDT) that had rattled market confidence in recent weeks.
Prices for bitcoin (BTC, -1.31%), the largest cryptocurrency by market value, jumped to $49,000 after the announcement, having hit lows below $45,000 earlier Tuesday. As recently as Sunday, bitcoin had pushed to a new record high above $58,000.
“After 2.5 years and 2.5M pages of info shared, we admit to no wrongdoing and will pay US$18.5M to resolve this matter,” Bitfinex tweeted, adding that no finding states that Tether ever issued [the stablecoin] without backing or to impact crypto prices. Source (https://www.coindesk.com/tether-settlement-crypto-sell-off)
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Bitfinex and Tether have reached a settlement of $ 18.5 million with the New York Attorney General's Office.
This is one of the reasons why Bitcoin is rising today.If it continues to transparently offer Tether reserves, we may no longer read bad news like this.
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For both bitfinex and tether, this penalty remained very cheap. Not being higher is good for the markets. Both tether and bitfinex pay this fine very easily. The question that comes to my mind is, can Tether pay this fine by issuing and selling new tokens? Because we have witnessed frequent tether printing before.
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Tether is amazingly very capable of being able to work with states in America to open the best opportunities in creating viable economic development in cryptocurrency.
I believe Tether will also be increasingly used in the future and the better it will be to invest in opening up the initial pathway to buying cryptocurrency.