Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Crypto assets go up
On Thursday, the key crypto assets generally traded in the green in Asia. Moreover, further investigation by the New York watchdogs uncovered that stablecoin Tether isn’t completely backed by cash anymore.
Eventually, the number one digital currency, Bitcoin managed to head north by up to 2.81% concluding the trading session at $5,375.6.
Besides this, Ethereum surged by 1.77% being worth $160.38, while XRP rallied by 0.08% trading at $0.30211. As for Litecoin, it went up by 5.02% hitting $73.173.
The overall market capitalization rebounded from $169 billion to $175 million.
Crypto investors were still keeping an eye on the investigation into key Bitcoin exchange Bitfinex for fraud. Run by Bitfinex, Tether appears to be a stablecoin reportedly underpinned by the value of the evergreen buck on a 1:1 ratio. However, the latest development uncovered the opposite thing.
As follows from the recent investigation, the operators of the Bitfinex trading platform, controlling Tether, have tried to conceal the evident loss of $850 million dollars of the co-mingled client as well as corporate funds.
The Attorney General told that Bitfinex has already taken up to $700 million from Tether’s reserves. Besides taking that sum the company has dared to conceal the very fact of that transaction from investors.
Aside from that, CoinFlip, crypto automated teller machine operator told it has delayed support for Tether for some time.
CoinFlip's major concern is to make sure that their clients are absolutely safe, and they often overdo in terms of caution. We require full assurance that the crypto asset Tether is steady enough, and Bitfinex and Tether strictly adhere to US law.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.