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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Tether (USDT), A Blip and Another Opportunity For Bitcoin (BTC) Bulls

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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  • Bitcoin (BTC) shed $4 billion after NY OAG sue iFinex
  • Tether controversy force Bitcoin liquidation

The OAG of New York is after iFinex, and from their documents, officials say the Hong-Kong based exchange, BitFinex are contravening NY Laws and therefore suing them. With additional evidence that the exchange “raided” Tether’s coffers and probably affecting the peg, clients are worried. Even so, Bitcoin (BTC) is stable, reversing earlier losses.

Bitcoin Price Analysis

Fundamentals

There is sell pressure, and if we check the reaction of the crypto and the Bitcoin market, then it’s likely that bulls are firmly in control despite yesterday’s mini-crash. The source? Well, it has to be all the controversies surrounding iFinex, the parent company of BitFinex, the Hong-Kong based cryptocurrency exchange, and Tether Limited, the issuer of Tether (USDT) stable coin. If historical event serves us well, then we can conclude that news touching on the stable coin’s reserves or peg does harm Bitcoin.

In response, partly due to its direct correlation with altcoins, the market often sinks. After yesterday’s revelation by the New York’s Attorney General Office, the markets capitulated with Bitcoin sinking to $5,200 before recovering during the Asian session.

An analysis of documents from the Attorney General office reveal that iFinex and BitFinex did violate New York state laws due to their “issuance, distribution, exchange, advertisement, negotiation, purchase, investment advice, or sale of securities” contrary to laid out rules.

However, they went further writing that the office would uncover possible fraud between BitFinex and Tether Limited. While there is a statement from BitFinex on the matter, the protracted legal battle between the stringent and accountability demanding OAG and iFinex is forcing users to exit the exchange.

Candlestick Arrangement

Bitcoin BTC

Price wise and Bitcoin (BTC) is down 4.2 percent. However, there is a double bar bull reversal pattern as prices bounce off the middle BB meaning buyers are back in contention. Although bears of Apr-11 were temporarily confirmed, the fact that prices are firm above $5,000 and trading above a critical resistance trend line visible in the weekly chart, hints of underlying bull momentum.

Besides, even if there is a double bar bear reversal pattern because of USDT related controversies, prices often bounce back faster, and the initial trend usually resumes. In our case, buyers are in control, and with a clear uptrend, Bitcoin will likely expand above the double bar bull reversal pattern of Apr-23-24 in a trend resumption phase towards $6,000.

As such, risk-off traders should load up on dips in smaller time frames with stops at Apr-25 lows of $5,050 with targets as aforementioned.

Technical Indicators

Our anchor bar is Apr-25—21k against 11k–and for trend continuation, any bull bar above Apr-24 highs must be with high volumes above 21k or preferably 54k of Apr-2 confirming buyers evident after the week ending Apr-6.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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