Truth About Tether
Market Meditations | January 27, 2021
2017 called, they want their FUD back.
There has been a lot of noise around Tether recently and any possible consequences on Bitcoin and the cryptocurrency market.
In today’s article, we cut out the noise for our readers and focus on aspects of the debate that are critical for traders and investors to know.
If you enjoyed this letter, remember to share it with your network. Let’s all grow richer together.
WallStreetBets: The Big Short-Squeeze ?
A Reddit message board called WallStreetBets (WSB) is legally ‘manipulating‘ stocks in the market while being protected by the 1st Amendment (aka Freedom of Speech). The latest target of this Millennial & Gen Z driven trading blog has been GameStop (GME), which will go down in history as one of the biggest short-selling upsets ever. GME is up over 600% in 9 trading days. Short sellers have lost more than $6 billion on a company whose market value was only $1.2 billion two weeks ago. Read more.
‘Coin Signals’ Charged in $5 million Investment Fraud Case ?
On Tuesday, the U.S. Department of Justice said that Jeremy Spence — known as “Coin Signals” allegedly defrauded investors between November 2017 and April 2019. Specifically, Spence is charged with commodities fraud and wire fraud. “As alleged, SPENCE took cryptocurrency worth over $5 million from more than 170 individual investors after making false representations in connection with these cryptocurrency funds,” the DOJ said. Read more.
EY’s Paul Brody Expects Consumer DeFi Ignition in 2021 ?
EY blockchain lead Paul Brody’s predictions for 2021: “If I had to make a bold prediction,” Brody told CoinDesk last week, “I think by the end of 2021, at least one major financial institution will up the game on everybody else by offering some form of consumer DeFi, accessible through their single transactional window to a large consumer base.” Bold indeed, CoinDesk writes. Large institutions may be warming to digital assets, but DeFi, the surging bricolage of crypto lending platforms (with a total value locked of over $25 billion), is not for the uninitiated. Read more.
FTX Lists GME Stock for Tokenized Spot and Futures Trading ?
Crypto exchange FTX has listed the viral GameStop (GME) stock for tokenized spot and futures trading. Did you know FTX is one of our partners? That means you can use our ? linkto get a discount. Within a few hours of listing, FTX’s GME spot volume is around $141,000, while the GME futures volume is about $1.3 million. As for why FTX has listed the stock, CEO Sam Bankman-Fried told The Block that it was “possibly the most ever requested listing” the exchange has received. Read more.
New Bitcoin Trust Goes Public in Canada ?
According to an announcement today, Ninepoint has completed an initial public offering for its Bitcoin trust for $230 million Canadian dollars, or roughly $180 million U.S. dollars. The investment firm said that it would be issuing three different classes of 17,990,491 units at a price of $10, more than 7 million of which are available for trading on the Toronto Stock Exchange under the ticker symbols BITC.U and BITC.UN for U.S. and Canadian dollars, respectively. Read more.
? The recent Tether story is not the first or last FUD event but we will have you covered every time. If you’re serious about trading and investing, consider joining our free community and gaining access to the full range of insights and analysis ?
The Tethered Kingdom
2017 called, they want their FUD back.
Today’s article is about crypto’s most controversial topic: the stablecoin Tether.
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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.