Tether supported by only 74% dollar reserves

May 2, 2019   Tether

Cryptocurrency assets traded on Wednesday in different directions. Bitcoin added more than 1% in price and reached resistance of $ 5,400, Ethereum rose to around $ 162, and the price of XRP fell to a level of 0.3060. The total capitalization of the cryptocurrency market amounted to 176 billion dollars.

The company Tether officially confirmed that stablecoin supported by cash reserves only 74%, and customers deliberately were not informed. At the moment, Tether's reserves amount to 2.1 billion dollars with a total token capitalization of 2.8 billion, and the rest of the funds are in the Bitfinex stock exchange. The company's chief lawyer said that all commercial banks have a partial reservation policy, which assumes that only a fraction of user deposits are backed up by cash reserves. Earlier, the New York City Prosecutor’s Office charged Bitfinex with the fact that the stock exchange concealed the fact that it had lost $ 850 million in money, using Tether’s reserves to cover the damage. The operator of the trading platform iFinex Inc. borrowed at least 700 million to cover the deficit, but users were not notified.

Information has appeared that the government of India is again stepping up efforts to completely ban public cryptocurrencies of any kind. Several government departments support the idea of ​​a total ban on all types of activities related to digital assets. Opinions and comments of all departments with which consultations were held will be fully offered to the government of the country in May after the elections.

In our forecast for today, we assume a further appreciation of the Bitcoin rate to the levels of 5400, 5430 and 5450 dollars, Ethereum to the levels of 163, 165, 168 dollars, and the restoration of XRP to the levels of 0.3080, 0.3100 and 0.3150.

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