Bitfinex, Tether 🤝 NYAG — February 24

Chart of the Day

#ThrowbackBlackThursday, with a twist. Liquidations in the past two days, resulting from a 20% drop in BTC price, amount to nearly $6 billion — the highest in its history. In comparison, the liquidity crunch in March 2020, often referred to as Black Thursday, saw a dramatic 50% drop in price and $4.1 billion worth of liquidations. Don’t worry, though, it’s not all doom and gloom. As of the time of writing, the funding rate across major exchanges has calmed, with many traders remaining bullish on Bitcoin in the long term.

Talk of the Town

The dust* settles as Bitfinex and Tether reached a deal with the New York Attorney General’s office, sealing a two-year legal dispute with $18.5 million and the cessation of their trading activities with New Yorkers. The big question remains — what will be the fate of the USDT stablecoins currently being held by New Yorkers? Keep your eyes on the significant implication of this verdict on the price of BTC. 

*Crypto lingo of the day: Dust — a tiny amount of coins or tokens so small that most users don’t even notice.