Tether has finally admitted to the court that they invested some of their reserves in Bitcoin. It seems finally the judgment is taking place. In fact, David Miller, the attorney for Bitfinex was confident in quoting that Tether was investing many instruments which include Bitcoin along with cash and the equivalent of the same.
Followers are not happy about the same already as seen on the comments on Twitter. But let’s see how it is affecting the position of Tether in the market.
Price Analysis of Tether on 23rd June 2019:
At 08:04 UTC time, Tether is trading at $0.9965 as on 23rd June 2019. The remaining essentials are as follows:
- Return on Investment: -0.20%
- Total supply/Circulating Supply: 3,820,057,493 USDT/ 3,532,324,467 USDT
- Market Cap Value: 3,525,109,763 USD
- 24 Hour Volume: 26,308,436,263 USD
- 7 Day high/low: 1.02 USD/ 0.991952 USD
- Market Ranking: 9
Tether Price Comparison:
In the past 5 days, the BTC value of Tether seemed to have improved a lot. The lowest was seen on 18th June with a trading value of 8965.38 BTCUSDT which is increased by 20% today. The highest, on the other hand was seen on 22nd June with a trading value of 11141.558 BTCUSDT which has dropped by 3.4% today.
The valuation in the bullish zone is increasing the attention, but the legal proceedings against Tether are still pushing the traders to burn their fingers.
Tether Price Prediction and Conclusion:
Tether is neither bullish nor bearish as of now. The value is surely surging in a good direction, but investors consider Tether as a risky investment presently. After the final verdict from the court will decide if the users and followers are going to trust Tether back in the game or not.
Till then, they might want to play under the resistance level and support level between $1.01 and $0.993 respectively. The value might touch down $1.05 by the end of 2019 but only once the cloud is cleared above the heads of Tether Team.