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10 reasons why the fall of USDT is beneficial for Bitcoin and Altcoins

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The Tether company has never given an opportunity for an external audit to check their Reserves. Reasons why the fall of USDT is good for the Crypto market.

Comprehending various conjectures leading to the downfall of USDT and betterment in case of other altcoins subsequently.

 

What role does volatility play in the Crypto sphere?

The cryptocurrency market is densely stuffed with volatility, any kind of prediction undertaken with respect to the future price analysis is really probable to match with the expected result. This is one of the precise reasons that most of the native investors are away from the cryptocurrency space until now. But there are a few cryptocurrencies which are trying to bring in some kind of balance in this particular financial domain, in order to reach a greater market. Most of the cryptocurrencies follow the Bitcoin trend, in simple words, if Bitcoin is gaining momentum, all the other altcoins seems to be rising, and vice versa.

 

But recently, the experts have even realized that there are other few prominent currencies which may affect the prices of other Altcoins.

 

Below are some of the reasons why the fall of USDT is good for the Crypto market.

 

1. It is to be noted down the Tether cryptocurrency, is backed by, exactly equal amount of the US dollar, but the company has never given an opportunity for an external audit to check their Reserves. Therefore, the community members are always speculative about it. In this particular manner, the fall of USDT would invariably result in more number of investors joining the Crypto bandwagon.  

 

2. It has also been noted down that when the company generates a new set of Tether tokens, the cryptocurrency experts have noted that the Bitcoin price starts falling respectively. This might be due to the generation of Tether coins, without backing it up by respective amount of reserves. Therefore, contradictorily when the incorporation of USDT would lower down, the prices of Bitcoin and all the other altcoins, as a result, would increase.

 

3. With the incorporation of USDT, various investors across the world were saved from the price slippages and volatility of the cryptocurrencies. Now, if they suddenly stop utilizing USDT and embrace other stable coins or altcoins, the usage of such coins would be increased automatically, by the community members.

 

4. This is also between practically evident, as recently, the price of USDT fell drastically and reached almost 73 cents. On the other hand, various altcoins like Ethereum and Ripple along with Bitcoin has also been showing a bullish trend, precisely resonating with the fall of USDT. Therefore, the fall of USDT would invariably result in the incorporation of other altcoins by the members in the Crypto sphere.

 

5. It is also been speculated that USDT is being incorporated, in order to instigate price fluctuations in the cryptocurrency market. Therefore, the fall of USDT would result in some kind of stability of the other cryptocurrencies, including Bitcoin.

 

6. It has been estimated that Tether Limited, the company behind the production and maintenance of USDT as produced over four times the actual amount of stable coin without actually displaying information regarding the backing up of the coins by a reliable auditing agency. Hence various banks and Crypto exchanges have stopped using USDT. This might create a negative fear, uncertainty, and doubt with respect to USDT and people might stop using it, which would indirectly accelerate the prices of other altcoins.

 

7. Other cryptocurrencies are developed based on a strict set of rules and regulations but this is not the case when it comes to USDT. Therefore, the downfall of USDT would invariably be helpful for the entire cryptocurrency market in general.

 

8. USDT is somewhere closely related to Bitfinex as the Crypto exchange stopped accepting Fiat currencies such as US dollars, Japanese Yen, or Euros. Before The Fall of USDT only seems to be happening as the number of Crypto entities join the bandwagon.

 

9. It has been a constant speculation regarding the transparency of USDT, as the organization has consistently been denying of an external audit. If the coin is really a scam, then the downfall of USDT would invariably be the best option for the development of various other altcoins.

 

10. It is also been rumored that Tether was actually being incorporated in order to mitigate the price fluctuations of other altcoins in a very unethical way. Therefore, such crypto coins have no space in the crypto economy, and the downfall of such cryptocurrencies would only be for the benefit of the community.  

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#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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