Bitcoin Today: Is this a Tether emission or just a FSB...

18 jul 2018

Price
Yesterday, during American trading session Bitcoin price pleased us with a strong leap upwards, breaking above 6800 and 7000 levels on the way. The upward movement stopped only at the 100-days EMA which at this time lies between 7400 and 7500. Today the price stays near the 100-days EMA, that leaves the possibility of the breakthrough above 100-days EMA which will be a sign of uptrend continuation and lead the price to the 8000 resistance. If the price does not manage to break the EMA in the nearest time, we will probably see a correction to the 7000 level. The key point of the bullish scenario – stay above the 7000 level.

Today forecast
Trading in the 7000 – 7600 zone.

Latest news

• Two prevailing ideas about the causes of bitcoin growthBitcoin price was manipulated with the help of Tether emission
  Nouriel Roubini, nicknamed Dr. Doom for his tireless efforts to warn the world over the housing bubble crash of 2007-2008, is less than convinced pointing to the controversial stable coin - Tether - and allegations that it is used to manipulate bitcoin prices.
  Professor Roubini said on Twitter:
  “Bitcoin literally spiking up by almost 10% in about 30 minutes today based on no news. So only explanation: price manipulation. Since Tether recently printed another $200 million of fake money & since research proves Tether used to manipulate BTC, manipulation is at work again.” by @nouriel
  There is a study that supports this hypothesis and claims to have produced a clear link between the printing of new Tether tokens and bitcoin's overheated price increases.
  The study states: “By mapping the blockchains of bitcoin and Tether, we are able to establish that entities associated with the Bitfinex exchange use tether to purchase bitcoin when prices are falling.
  “Such price supporting activities are successful, as bitcoin prices rise following the periods of intervention. These effects are present only after negative returns and periods following the printing of Tether."
  In June British tabloid Express.co.uk contacted Bitfinex for comment on the allegation and for further explanation over various tether transactions on the exchange during 2017.
  Bitfinex CEO JL van der Velde has rejected the allegations in the University of Texas paper, and a spokesman from the company told Express.co.uk: “Bitfinex nor tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex.”
  
  Financial Stability Board report
  The recent rise in crypto prices is also being credited to yesterday's report from the Financial Stability Board (FSB), plotting the path for G20 countries to regulate cryptocurrencies and bring them closer towards mainstream global finance.
  Prices rose after the FSB delivered a framework for the world's leading G20 countries to “monitor the financial stability implications of crypto-assets markets.”
  CEO of deVere Group, Nigel Green told Express.co.uk: “The FSB's conclusion follows more and more global financial institutions, major corporations and household name investors now working with cryptocurrencies and blockchain, the technology that underpins them, and as international regulation is developed further. Cryptocurrencies are the future of money, and they are already undeniably part of mainstream finance. “
  Pouring cold water on the idea of crypto sparking the next global financial meltdown the FSB said that cryptocurrencies like bitcoin “do not pose a material risk to global financial stability” but they fully support their “vigilant monitoring.”