Tether Meltdown...Bitfinex will be fine. Did we wake Bulls?
Updated
Interesting developments. I personally think it's mostly FUD but time will tell.
Bitfinex USD withdraws are still fine (except for a few) but if it was really turned off, there would be much more concrete evidence.
I made a crypto withdraw from bitfinex and it took only 10 minutes.
Either way, bitfinex made a statement saying that deposits should be resumed within 24 hours.
I am firmly in the camp where Bitfinex is fine for now.
Time will tell.
This is actually great, because it's forcing multiple exchanges to consider other stable coins which is actually what is 100000% needed for future growth of Crypto.
So if this resolves itself in the next 24 hours, what will happen?
Do we wake up all the smart money on the sidelines or do we relapse back into bear/sideways?
IMHO lots of the smart money has been sitting on the sidelines with USDT, they sold at much higher and have held USDT.
Some of that money was forced back in via Stop Buys... how much of it... not sure but there was an awful lot of volume when BTC spiked.
So here's my prediction, market will slide back down and hit the target circle in the next few days. Remember there is a CBOE expiration on the 17th... it's about to get interesting.
BUT I believe we've hit bottom within this month. I think we've awaken the BULLS.
Hit like and follow!
Bitfinex USD withdraws are still fine (except for a few) but if it was really turned off, there would be much more concrete evidence.
I made a crypto withdraw from bitfinex and it took only 10 minutes.
Either way, bitfinex made a statement saying that deposits should be resumed within 24 hours.
I am firmly in the camp where Bitfinex is fine for now.
Time will tell.
This is actually great, because it's forcing multiple exchanges to consider other stable coins which is actually what is 100000% needed for future growth of Crypto.
So if this resolves itself in the next 24 hours, what will happen?
Do we wake up all the smart money on the sidelines or do we relapse back into bear/sideways?
IMHO lots of the smart money has been sitting on the sidelines with USDT, they sold at much higher and have held USDT.
Some of that money was forced back in via Stop Buys... how much of it... not sure but there was an awful lot of volume when BTC spiked.
So here's my prediction, market will slide back down and hit the target circle in the next few days. Remember there is a CBOE expiration on the 17th... it's about to get interesting.
BUT I believe we've hit bottom within this month. I think we've awaken the BULLS.
Hit like and follow!
Note
Bitfinex is known to be scammy without any sort of audits. I would pay a premium to go buy a confirmed backed stable coin. Here's the way I see this playing out: Tether resumes all services, for the near future, people start to see the reasoning behind audited USD stablecoins, they start switching and we move into the sideways/bull market.
IF Tether crashes and burns and bitfinex shuts down, we are all royally screwed, because 99% of the eco-system is based on Tether, it needs some time to wind down.
So at this point, time will tell but be extra careful. My hope is bitfinex avoids any serious issues, and gives time for the crypto community to transfer over to a audited stablecoin.
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