/biz/ - Business & Finance

[Anonymous No.29874324]

I thought the tether conclusion was bullish at first but we haven't recovered since then and a second reading of what happened actually makes me pretty bearish

>18.5 mil penalty ok who cares
>banned from the financial capital of the world, cant be used by major exchanges, or funds such as grayscale
>NYAG gave the highest penalty possible for a commodity or asset statewide (total ban)
>DoJ investigation running concurrently with NYAG now has precedence for nationwide ban due to NY ruling
>transparency mandate for the next 2 years - they cant print tether unless they can absolutely show its backed
>13% of tether was backed in 2017 when the marketcap was 4 bill - in 2021 its probably a fraction

shits actually looking really bearish. Im not surprised the price tanked literally the day they were ordered to stop printing. With organic money only in play the best we can hope for is a crab until the 2 year mark ends and tether goes back to BRRRRRRRRRR

[Anonymous No.29874594]

>>29874324
I read that banking issues were at the root of them only having 13% backing on the books. They couldn't find a place to formerly park their cash.