Bitcoin price CRASH 'BLOODBATH': Cryptocurrency could drop 80% as tether criticism rises
BITCOIN’S price could drop by as much as 80 per cent if the cryptocurrency tether is revealed to have been artificially increasing its value resulting in a “bloodbath” for investors, experts have warned.
Tether is owned by a trading company named Bitfinex which has recently come under scrutiny by a blogger identifying themselves as Bitfinex’d.
The user has detailed in posts, tweets and YouTube videos that tether has been plucked from thin air to boost the value of bitcoin.
Investor worries have stemmed from the fact Bitfinex has previously declared that all of its coins are backed by real US dollar deposits, giving it a one to one value.
However, market concerns have been heightened following the series of blog posts from Bitfinex’d that, if true, could send bitcoin crashing if it is discovered its value has been artificially bumped up.