Crypto community is happy about a significant increase in Bitcoin price.
around 13% increase in 1 day makes wallets become fatter.
how real this increase? the only effect of halving expectations?
or the incredible minting of Tether was the boosting engine behind this rise ?
Tether and its sister company Bitfinex has a trial on New York court about missing fund around 850 million USD.
This year Tether minted ( printed ) 2.7 billion USDT.
120 million USDT in February, 1.4 billion USDT in March, and 1 billion USDT in April. Total minted USDT in this year was 2.7 billion USDT.
Mostly in March and April.
Tether claims that all minted USDT have 1:1 backup with funds but according to the court, they have huge missing funds for 2019 and onwards minted tether.
Do they really back up all minted 2.7 billion USDT in 2020 or minted to closing gap for missing funds?
Price increase of Bitcoin makes us happy but is it artificial increase which may follow by sharp down later?
Tether is the weakest point of crypto front, personally fear that tether can make crypto vulnerable the same as the house of cards.