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Tether Controversy Continues, But So Does the Bitcoin Rally

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  • Thomas Hughes
    📈 Price Predictions

    A recent report published by Bloomberg states that Tether “has the billions it promised”, indicating that USDT may be backed 1-to-1 by USD after all

Tether Controversy Continues, But So Does the Bitcoin Rally
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

A recent report published by Bloomberg states that Tether “has the billions it promised”, indicating that USDT may be backed 1-to-1 by USD after all.

In the past, some sources claimed that USDT is not backed entirely by US dollars and this spurred allegations of misconduct and price manipulation (some voiced concern that BTC’s rise to $20,000 was fueled by dishonest Tether trades). It is also believed that this controversy played a part in Bitcoin’s 2018 bear market.

Bloomberg reported that “$2.2 billion was in Tether’s account at Puerto Rico’s Noble Bank Ltd. on January 31. That same day, 2.195 billion Tethers existed, according to data compiled by Coinmarketcap.com”. However, this doesn’t prove that Tether has been continuously backed by US dollars and doesn’t solve the price manipulation allegation, which is still being investigated by the U.S. Justice Department.

Chart Analysis – BTC/USD

BTC/USD chart

It seems there’s no stopping the Bitcoin train as the digital currency continues higher, largely unfazed by Tether concerns or by overbought levels shown by technical indicators. It added almost 8% in the last 24 hours and more than 20% over the last 7 days, breaking the key level at $4,000 and trading at $4,160 on Bitfinex at the time of writing.

The short to medium term bias is clearly bullish and the recent break of 4000 shows that buying pressure is still high, with a potential to push BTC/USD into 4480 – 4500. That being said, the Relative Strength Index has broken above its 70 level for the third time in a short while, which is an indication that a bearish retracement will soon follow.

This potential correction can find support at 4000 (or at 4100 if it goes higher before retracing) but as long as this barrier still stands, we favor a climb into 4500 over the next few days.

Support zone: 4000

Resistance zone: 4480 - 4500

Most likely scenario: push into 4500 area (possible retracements until that target is reached)

Alternate scenario: move below 4000 and choppy price action

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

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XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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