Bitcoin price climbs back over 5,300 USD despite Tether/ Bitfinex News

Home News Bitcoin price climbs back over 5,300 USD despite Tether/ Bitfinex News

Of
Marcus Misiak –
29.04.2019

The analysts continue to disagree about how the messages that the crypto-exchange Bitfinex and Tether Limited (the Issuer of USDT) are currently in a precarious financial Situation, the impact on Bitcoin (BTC).

On Thursday, the New York attorney General (NYAG) issued a press release in which it was found that Bitfinex and Tether, crypto-currency investors, “deceived” and, therefore, against the New York law could have. Letitia James, the attorney General, himself, said that the two companies may have “made a cover-up” to hide the “obvious loss” of $ 850 million, is attributable to a payment processor, Crypto Capital, who lost the access to the funds (by alleged seizure by governments in Poland, Portugal and the USA).

In a short published opinion, both companies denied the allegations and accused the NYAG “a”smear campaign”. In addition, they have declared that they will not work with the New York office of the public Prosecutor, the allegations are cleared up.

The mess in order to Tether, BitFinex and the New York attorney General unsettled the market. Nevertheless, it might also be a further opportunity for crypto investors to cash-in on how a similar Situation last year, when the news broke out that Bitfinex customers will be able to pay no Fiat money.

The fact that Bitcoin can hold in spite of the negative messages his course of currently over 5,300 US-dollars, is a positive sign. So Chris Burniske, the author of one of the leading Bucher to the asset class crypto in a recent Twitter Thread said that “there was hardly a sell-out after bad news,” is what investors expect in a “Bull Market”.

Burniske noted that he believes that crypto-currencies, despite the “Hurrahs of the Golden Cross” are currently in such a state, but that this lack of negative price action confirms that the sentiment is largely optimistic. The fact is that Bitcoin has quickly recovered from this message and that this is a likely sign that the market is currently mainly bulls are active.

Even if Bitcoin isn’t stable, and instead, under 5,000 USD falls, claimed Burniske, that he is not bearish as a result. He wrote:

Since BTC needs to go back to either $4K or the 200-week SMA, in order to have a solid base for the next bull market (IMO), we could use our last Chance to 2019.

For those who don’t get what suggests Burniske, so to speak, he says that Bitcoin needs to build a long-term support at $ 4,000, and that a withdrawal could be on this level, the “last Chance” to buy BTC in the year 2019.

Featured Image: Igor Meshkov | Shutterstock