BTC Shorts Increase 50% As $100m Tether Moves To Bitfinex
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On today’s episode of The Cryptoverse…
I would like to address all the BTC holders out there and bring to your awareness some information that has significant potential to affect the Bitcoin price.
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This all kicked off when Ran NeuNer posted this Tweet:
https://twitter.com/cryptomanran/status/1036346407945478146
I managed to find the transaction using an Omni block explorer:
https://omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz
Twitter user @CryptoSqueeze commented on this as well…
https://twitter.com/cryptoSqueeze/status/1036190362170081280/photo/1
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Most market participants look at these positions as being unbalanced and while bet against bets like these as they are showing their trade. Other participants can bet against them and try to force a squeeze although that amount of collateral could hold a good amount of increase but other shorts may not be a blue to due to which increases the possibility to squeeze the short. I also checked the Tether address on Bitfinex and it does not match (see below) but it was an exchange address generated on demand.
All I can do is "Hodl" my bitcoin because its locked up in cold storage on a paper wallet inside my pirates chest.... LOL! It's not easily available to move around like my alt coins. Thanks for the info!
Good, then it's also protected from any irrational action on your part. Gotta protect our crypto from ourselves sometimes!
Do you not think that the shorts are based on Bitmain's IPO launch, predicted this month, that will crash BCash and have a knock on effect with the remaining market?
I think the shorts are probably just because Bitcoin looks to still be in a bear market and if the price falls, there's still some people left that will panic sell. Whales can push the price down to a point where they're all gone and that will be the bottom. I think BCash crashing would have the opposite effect, it would make Bitcoin go up, as people holding BCash would sell and most of them would be getting Bitcoin.
I personally don't think they are related.
That's a professional hedging his position... Going long and leverage with a short...
Upvoted and reteemed!
Great piece today, Chris!
As somebody who follows the altcoin markets closely, I really appreciate you covering the whole Bitcoin-USD Tether thing because that, in turn, has a bigger effect on the market than really anything happening right now besides institutional investors coming in.
Keep up the quality content - excited to see where this market goes!
#curation #bitcoin #money #cryptocurrency #blockchain
I still can't understand the lack of transparency with Tether. I like crypto because it isn't like the banking system, where governments can just print as much as they like, reducing the value of the currency. The problem is, isn't that what's happening with Tether? We all presume it isn't fully backed with USD, as they would want to make sure that was verifiable. It looks like they can just make as much Tether as they want. How is this different to governments devaluing their fiat currency through quantitative easing?
The problem with Tether stems from their attempt to bridge the fiat world and the crypto world. I often refer to this as 'the most dangerous position in the crypto business'. So far Binance have been full crypto and have done really well. But TenX tried to play that bridge between fiat and crypto and have been struggling mightily.
Hoping for a short squeeze!!
Do we see again short squeeze?
Awesome post
@marketingmonk, For sure this is an kind of news which will going to boost the Hodlers for sure because, everyone is waiting for the growth and boost of the BTC.
And we all know that the boost of the Crypto Sphere is depend upon the Uptrend of prices of the Bitcoin and many waiting for the Bull Run aspect.
And whenever we see the positive movements in the BTC Economy that gives great essence for sure because it showcase the potential of BTC in aspect of future.
So let's hope that soon we can see the growth in aspect of prices so that we can see the high drive in the Crypto Sphere and we also know that many are driven by the price aspects.
Wishing you an great day and stay blessed 🙂