Tether price is down by 2.5% and is changing hands at $0.96. Tether price continues to fall as traders are selling USDT and are buying Bitcoin or other cryptocurrencies which made the prices go up for bitcoin at $7,800 and almost all the Altcoins followed by an increase of 10-15% adding to the crypto market another $20 billion capital.
What happened to Tether? Why exchanges are taking USDT down?
Kocoin has suspended USDT trading. They announced in a tweet that deposits and withdrawals are suspended.
USDT Deposits and Withdrawals Temporarily Closed
See the official announcement here:https://t.co/wVfyJx1F8U pic.twitter.com/TJ3a2MqY6a
— KuCoin Updates (@KuCoinUpdates) October 15, 2018
What traders and investors in cryptocurrency are concerned about Tether?
There are concerns that tether might not be backed by real dollars as they claim and they failed to provide valid evidence of their holdings. Also, some argue about tether being tied to Bitfinex.
One of the biggest opponents to the cryptocurrency Nouriel Roubini tweeted:
The Manipulative Tether Scam is starting to unravel
Bloomberg: This Texas Finance Professor Sifts Data for Signs of Rigged Markets
John Griffin, who discovered the Bitcoin-Tether connection, seeks to expose “the fruitless deeds of darkness.”
— Nouriel Roubini (@Nouriel) October 13, 2018
Do you think it is just FUD about Tether or the Tether scam is busted? Feel free to post your opinion in the comments below.