Ichimoku clouds show clear bullish bias on the LTC/BTC chart as people watch Bitcoin bleed. For those of you who don't know, there's been much speculation around shady rumors that Bitfinex has been using Tether to artificially pump Bitcoin prices for months. The dominos started to fall when they severed ties with the company hired to do an audit - then to make things worse the CFTC issued a statement announcing a subpoena on Bitfinex and Tether causing Bitcoin to plummit below 10K.
I'm a long term believer in bitcoin and therefore welcome FUD like this as an opportunity. But in the meantime as of last Friday in anticipation of this I've allocated the majority of my funds into Ethereum and Litecoin which seem to be containing my losses as of right now. The question is will this Tether collapse on the back of the Bitconnect disaster cause US regulators to drop the hammer? What do you guys think? Interested in hearing your views on this matter.
Yes, US regulators will drop the hammer. Bitfinex terminated business with US customers on Nov 9, and CFTC issued subpoenas to Bitfinex on Dec 6. Coincidence? Don't think so.
"The heads of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (SEC) are set to testify on cryptocurrencies during a U.S. Senate hearing next week." - Coindesk
"The heads of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (SEC) are set to testify on cryptocurrencies during a U.S. Senate hearing next week." - Coindesk