The news from Bitfinex, accused by the New York Procuratorate of hiding the loss of $ 850 million from tether reserves, has plunged Bitcoin and the crypto market and has plunged investors into panic advised not only because of the declining value of their reserves holdings, but over the integrity of the crypto-market structure due to their over-reliance on the controversial stable coin.
Bitfinex's capital flight to other exchanges has led to the seventh transactions in one day, according to Bitcoin, for block transactions as investors search for safe havens.
Bitfinex Blowout Results in Bitcoin Investors Escaping Exchange En Masse
After yesterday's news – which many say, this could be the black swan of the crypt sending the market to new lows – panicky crypto Investors quickly rushed to resell their tethers to Bitcoin and other crypto assets after fearing that Tether was no longer secure because Bitfinex borrowed from its reserve as it is being sued. The rush to flee the Hong Kong-based cryptocurrency exchange meant that the seventh-most bitcoin transactions were confirmed in a single day.
Twist Ties: Stolen Reserves Prove Crypto Stablecoin Once Backed
According to Blockchain data reviewed by technology investor Kevin Rooke, 404,116 confirmed transactions were posted on April 25, 2019, bringing the total to seventh place in one day occupied. The rest of the days before yesterday's fallout occurred between December 1, 2017 and January 4, 2018, when crypto investors began sending bitcoin to foreign currency to search for the next bitcoin and top up altcoins that had it jumped
404,116 Bitcoin transactions were confirmed yesterday.
Only 7 days in Bitcoin history saw more transactions in a single day.
– Kevin Rooke (@kerooke) April 25, 2019
After the boom, the market collapsed into a deep bear market, and another day had not sneaked into the first ten days with the most confirmed Bitcoin transactions until April 11, 2019. After another review of the Bitcoin price charts, the day was of no importance as it was close to a sequel The rally was in early April and could represent an upward trend in bullish momentum.
The rally in early April, Bitcoin rose within an hour from 4,200 to over 5,000 dollars. However, Bitfinex and Tether's recent "FUDs" have resulted in Bitcoin returning to $ 5,000 after breaking through to a new high of $ 5,650.
The next big step for the Bitcoin Prize: Will the notorious Golden Cross Fakeout strike again?
This week Tether printed another $ 300 million worth of stable coin. Charts indicate a magnetically similar effect on the market when tethers have been added or removed from the market. This suggests that more tethers can be imprinted before another important bitcoin step is initiated. However, the FUD disrupted these plans and caused the crypto market to lose over $ 10 billion in just a few minutes.
Bitfinex responds to the actions of New York Attorney General https://t.co/snxHU2yeb5[19659008-bitfinex(@bitfinex) April 26, 2019
Bitfinex today responded to the pressions and said that Office of New York AG have exceeded their reach.
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