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Deltec, Tether’s banking partner, said the USDT is fully secured by its reserves, minimizing concerns about the integrity of stablecoin.

Persistent rumors

Tether Ltd , the company behind the Immediate Edge of the same name, has long been accused of lacking transparency about its reserves . In 2019, Tether’s lawyers even admitted to the New York prosecutor that each USDT was only 74% guaranteed .

More recently, an article on Medium titled „The Bit Short, Inside Crypto’s Doomsday Machine“ was posted by an anonymous observer and raised several concerns about the most popular stablecoin.

The total capitalization of the USDT has grown from $ 4 billion to $ 25 billion in the past 12 months. Thus, the company Tether Ltd must hold as many assets on its balance sheet to guarantee the convertibility and the value of Tether since 1 USDT = 1 USD.

So, this anonymous author said that all foreign currency held by the national banks of the Bahamas only increased by $ 600 million between January and September 2020 while the company Tether Ltd issued around $ 5.4 billion USDT. over the same period. So, the spread could suggest that stablecoin is not 100% dollar backed.

We can read in the article on Medium:

„There weren’t enough dollars in all the banks in the Bahamas to support Tether money creation  .“

Bank denies allegations

Bank Deltec, Tether’s banking partner, has refuted these accusations . Gregory Pepin, deputy CEO of the bank said in an interview:

“Each USDT is backed by a reserve and that reserve is greater than the number of Tether in circulation.“

According to Gregory Pepin, the author of the Medium article was looking for Deltec’s holdings in the wrong place. He explained that the Bahamas have a so-called offshore jurisdiction and that there are two categories of banks namely national and international. Thus the observer would not have had access to the right documents to assess the bank’s balance sheet . He explained :

“If the author had made a small effort to dig into the size of the Bahamian banking market, this person would have discovered that the country’s banks hold around $ 200 billion in assets . And we are part of it ”.

While Gregory Pepin responded to the observers‘ claims in an informal interview, Tether and its sister company Bitfinex will have to respond to the charges before the New York State Attorney General over the coming months. The two companies will have to prove to justice that the stablecoin is well guaranteed by reserves.

CNBC’s Mad Money presenter responds to gold’s surprisingly low weekly performance.

As the price of gold plummeted on Friday, CNBC’s Jim Cramer said that the rise in cryptomonies could partly explain the sudden lack of interest in the precious metal, a potential hint that the conventional public has changed its view on Bitcoin (BTC) and digital assets.

Bitcoin’s ‚real‘ volume is twice the previous all-time high
When asked why gold isn’t rising amidst the political chaos on Capitol Hill this week, Cramer said that the market isn’t as chaotic as it seems or that all the money was moving into the cryptos:

Either it is not so chaotic out there that the gold is not jumping or everything is going Bitcoin Rush to the cryptomonies! But remember that there has been no flight to quality (treasuries).
The price of gold lost more than USD 60 on Friday, reaching a low of USD 1,852.50 per troy ounce on the Comex division of the New York Mercantile Exchange. Meanwhile, Bitcoin rose to new all-time highs above USD 41,000.

As Bitcoin passes USD 41,000, can Coinbase keep up with the rally?
Cramer is a recent convert and defender of Bitcoin and the crypto currencies, having bought the fall in mid-December when BTC was below USD 18,000:

„He said of his purchase at the time: „I will buy, as I usually do, when something goes down […] I will diversify into Bitcoin, it’s not a great position for me, but it’s certainly important to diversify, and Bitcoin is an asset and I want to have a balance sheet of assets.
If Cramer held on to its BTC, its holdings have already more than doubled in value.

The flagship cryptomoney continues to outperform gold and any other major asset thanks in part to the influx of new institutional buyers. Measured in bars, a Bitcoin is now worth more than 20 ounces of gold. A week earlier, the Bitcoin-gold rate was around 15 ounces.

Bitcoin was worth more than a 20 ounce gold bar when it briefly reached $40,000
The idea that Bitcoin is taking market share away from gold is nothing new. A recent analysis by JPMorgan Chase concluded that Bitcoin’s narrative as digital gold is driving investors away from precious metals. Analysts said that this trend could intensify as more institutional money reaches the crypto market.

Translated with www.DeepL.com/Translator (free version)

Bitcoin sta seguendo una linea di supporto ascendente a breve termine.

Gli indicatori tecnici giornalieri sono rialzisti ma il grafico a due ore mostra una certa debolezza.

BTC è probabilmente nell’ondata 3 di un impulso rialzista a cinque ondate

Voglio sapere di più? Unisciti al nostro gruppo Telegram e ottieni segnali di trading, un corso di trading gratuito e comunicazioni quotidiane con i fan delle criptovalute!

Il Trust Project è un consorzio internazionale di testate giornalistiche che costruiscono standard di trasparenza.

Bitcoin (BTC) ha continuato la sua ascesa dopo aver finalmente superato $ 20.000, raggiungendo un massimo di $ 23.800 il 17 dicembre.

Si prevede che il bitcoin continui ad aumentare verso obiettivi più elevati prima di un’eventuale correzione

Il prezzo di BTC ha continuato la sua mossa al rialzo dopo aver superato i 19.500 $. Ha raggiunto un massimo di $ 23.800 ieri prima di creare un piccolo stoppino superiore e diminuire leggermente fino a $ 23.000.

Gli indicatori tecnici nel lasso di tempo giornaliero sono rialzisti. Oltre al fatto che il movimento di ieri è emerso con un volume significativo, l’RSI è appena tornato sopra i 70 e l’istogramma del MACD è ora positivo. La continuazione del trend rialzista sarebbe confermata da un cross rialzista nell’oscillatore stocastico.

Il lasso di tempo di due ore mostra che BTC sta probabilmente seguendo una linea di supporto ascendente, ed è notevolmente al di sopra di essa.

Tuttavia, i tempi più bassi mostrano una certa debolezza, poiché sia ​​l’RSI che il MACD si stanno muovendo al ribasso. Quest’ultimo sta già dando un segnale di inversione.

Se BTC inizia a diminuire, l’area di supporto più vicina si troverebbe a $ 21.000, il livello di ritracciamento di 0,618 Fib che coincide anche con la linea di supporto ascendente.

Il famoso informatore americano Edward Snowden ha reagito al prezzo del bitcoin che ha raggiunto un nuovo massimo storico con un semplice tweet che ha acceso discussioni sui social media.

Nel tweet, ha semplicemente fatto riferimento alla criptovaluta di punta

Il tweet è arrivato pochi giorni dopo che Snowden ha ricordato un tweet che aveva fatto all’inizio di quest’orecchio dicendo che era la „prima volta da un po ‚“ che aveva voglia di acquistare BTC . Il tweet è arrivato in un momento in cui il prezzo della criptovaluta è sceso di circa il 50% quando gli indici del mercato statunitense sono entrati nel territorio del mercato orso e l’Organizzazione mondiale della sanità (OMS) ha dichiarato COVID-19 una pandemia.

Al momento il prezzo del bitcoin è sceso a un minimo di poco più di $ 4.000. Da allora il prezzo della criptovaluta è aumentato e recentemente ha raggiunto un nuovo massimo storico superiore a $ 23.000. Snowden, vale la pena notare, è ben noto come sostenitore di Bitcoin Pro.

In risposta al suo tweet, molti nella comunità delle criptovalute si sono affrettati a pubblicare guide e informazioni rilevanti per i potenziali nuovi arrivati ​​che si sono imbattuti nel tweet.

Altre risposte hanno portato a dibattiti sulla fattibilità dei criptoasset

Snowden, ex dipendente della Central Intelligence Agency (CIA) e subappaltatore della National Security Agency (NSA), ha rivelato alla conferenza Bitcoin 2019 che i server che ha usato per divulgare segreti governativi sono stati pagati in bitcoin .

Il passaggio di Bitcoin a un nuovo massimo storico ha anche visto la criptovaluta iniziare a fare tendenza su Twitter, poiché i principali organi di informazione hanno riportato le sue prestazioni e la maggior parte ha commentato.

Brazil follows a worldwide trend and USDT is the preferred cryptomeda of Brazilians in negotiations with cryptoactives and not Bitcoin which is in second place

The Federal Revenue Service reformulated the document that contains the transactions reported to the regulator by the cryptomoeda exchanges and, with this, revealed that stablecoin USDT, commanded by Tether and Bitfinex, is the most traded cryptomoeda in Brazil.

Thus, according to the latest data released by the RFB, for the month of October, while the trading with USDT total R$ 2.7 billion, the Immediate Bitcoin trading reaches just over R$ 2.1 billion.

In addition, the reformulation of the Revenue in the presentation of data revealed a huge drop in the volume of XRP, Ripple token.

Thus, the cryptoactive that has figured for months as the most traded cryptomeda in Brazil with trading in billions of reais, fell to just over $ 27 million.

The data from the IRS also indicate that negotiations with Tether and Bitcoin dominate the cryptoactive market in Brazil being responsible for more than 83% of all cryptomeda negotiations in the country.

Together Tether and Bitcoin amount to R$ 4,921 billion in negotiations while, according to the Federal Revenue, in October little around R$ 5,910 billion were negotiated.

The numbers of crypto trading in Brazil mirror what happens in the global cryptomeda market which also has its trading dominated by USDT, with Bitcoin as the second most traded cryptomeda and, together, adding more than 60% of the market trading.

In this line, according to data from Coinmarketcap, on December 5th, the volume of USDT traded in the last 24 hours is US$ 50 billion and that of BTC US$ 28 billion, together, BTC and USDT, account for about 60.3% of all cryptomoeda trades.

Federal Revenue

The data reported to the Federal Revenue attend the determinations of the Normative Instruction 1888 and indicate that the market is dominated by the male public.

Men represent 88.47% of the transactions while women 11.53%, in addition, with regard to the value of operations, the total 84.11% are made by the male public while 15.89% are made by women.

In October, the month that preceded the rise of Bitcoin to US$ 19,000, there was no increase in interest in trading with BTC in exchanges and, according to Revenue data, just over 107,000 people traded crypto in the country and over 3,000 legal entities.

As for the stablecoins based in Reais, BRZ, from Transfero, beat the record in trading volume reaching R$ 327,521,563.09 in the month surpassing the second cryptomoeda in the market, Ethereum which answered for R$ 100,295,159.10 of the negotiations in the country.

Another important data revealed by the Federal Revenue about the cryptomoeda market in Brazil is that the negotiations, without exchange, via p2p and OTC goes from R$ 1 billion and accounts for 20% of all the cryptomoeda volume negotiated in the country.