Top Stories, Price Movements, Quotes and FUD of the Week

Top Stories This Week Fractional Reserve Stablecoin Tether Only 74% Backed by Fiat Currency, Say Lawyers According to documents released by USD stablecoin tether’s (USDT) lawyers, the company behind the stablecoin only has enough fiat reserves to back a little less than three-quarters of its existing supply — 74%. Tether executives had previously publicly promised that each tether was backed one-to-one to the USD, a claim that has been disproven by the lawyers’ document release. The need to release the figures comes from the recent claims by the U.S. attorney…

Will Litecoin (LTC) Rally to $1,000 After August 2019 Halving?

Litecoin (LTC) up 6.1 percent Charlie Lee thought LTC would rally to $1,000 In a podcast, Charlie Lee now reveals that he thought Litecoin (LTC) would surge above $1000. All the same, by profitably exiting at the height of the Great Bull Run of late 2017, he reaped huge despite all the criticism from the community. At spot rate, Litecoin (LTC) is up 6.1 percent in the last week. Litecoin Price Analysis Fundamentals Year-to-date, Litecoin, and Binance Coin are perhaps the top two performing assets with triple-digit gains. However, it…

Will BitFinex $1 Billion Trigger a Bitcoin (BTC) Sell-Off?

Bitcoin (BTC) prices firm, add 9.5 percent in the last week Despite fraud accusations, BitFinex will crowd-fund to raise $1 billion BitFinex, sources have it, will proceed with their IEO and the aim is to raise $1 billion in USDT. While it is pleasing for investors, the exchange is reserving $600 million for whales. Even so, its success would mean pressure on Bitcoin (BTC) which is up 9.5 percent in the last week. Bitcoin Price Analysis Fundamentals Bitcoin (BTC) price performance is impressive. Rallying, against all the odds, the coin…

Beware the Fake Bitfinex White Papers Appearing Online

As speculation and impatience arises over the upcoming Bitfinex token sale, opportunistic fakers are creating bogus white papers that purport to describe the details of the upcoming sale. Why? To scam potential buyers out of their cash. “The white paper you all are seeing now is a fake one,” said Dong Zhao, a Bitfinex shareholder. “The authentic white paper is not yet released. The name of the token is called LEO, not BFX. The offering accepts USDT, not BTC or ETH. The total amount to be raised is still 1…

Bitcoin Price Will Hit $6,500-Mark in Near-Term: Veteran Commodity Trader

Bitcoin could undergo an immediate bearish correction, but it would eventually bounce back towards $6,500, according to Peter Brandt. The veteran commodity trader said Saturday that the bitcoin price was meeting its crucial resistance level near $5,745, as shown in the chart below. There was a strong probability of the asset undergoing a reversal, which loosely means that traders were not confident to purchase bitcoin at its higher rate. Therefore, the ones who bought the asset near $5,000-support might want to exit their positions on a handsome $745-per-bitcoin profit – more…

Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction

There were heavy gains in bitcoin price above the $5,500 pivot and resistance level against the US Dollar. The price rallied above the $5,700 and $5,800 resistance before there was a minor downside correction. There is a key connecting bullish trend line in place with support at $5,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is currently in a strong uptrend and it could trade towards the main $6,500 resistance level. Bitcoin price gained significantly above the $5,600 level against the US Dollar.…

Ethereum (ETH) Price Eyes Larger Upward Move: Can Bulls Make It?

ETH price started a steady rise above the $158 and $160 resistance levels against the US Dollar. The price traded above the $165 level and recently corrected lower below $165. There is a major contracting triangle in place with resistance near $167 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to climb higher in the near term towards the $170 or even $180 level. Ethereum price remains in a decent uptrend versus the US Dollar, but in downtrend against bitcoin. ETH is struggling to…