The post Tether Faces Allegations, Causing Crypto Market to Shrivel Up appeared on BitcoinEthereumNews.com.

The global crypto market is down by 3.17%, hovering around $2.04 trillion with an FGI of 36 points. Ethereum tokens have fallen badly, while Bitcoin tokens have been able to absorb the pressure to some extent. Justin Bons, the founder of Cyber Capital, has called out Tether, stating that it was a $118 billion scam. It is little known whether the allegation has caused the crypto market’s decline or if there are other factors at play. Justin has backed his allegation by saying there was no proof of reserves and no audit was performed since 2021. ETH Takes a Major Hit Ether is massively down by 5.81% in the last 24 hours, to a value of $2,280.77 in the previous 24 hours. One major development in the ecosystem is the staking of funds worth $502 million by 4,000 new investors. The move coincides with the anticipated rate cut by the Federal Reserve. This could be accomplished as early as this Wednesday. In the past weekend, Ethereum failed to regain the $2,500 zone, which has discouraged its holders. Investors continue to play a significant role in instilling confidence in various ways. BTC has experienced a single-day decline of 2.94%, currently trading at $58,445.95. The price is approaching the milestone of $60k. Bitcoin tokens briefly tested support by ranking above $60,377. There is optimism for Bitcoin due to the existence of five projects that are upgrading the network without modifying its code. These projects are BitcoinOS, Brollups, Fractal Bitcoin, Babylon, and Nubit. The crypto market, as a whole, is seeing optimism despite price falls since the conclusion of the Korea Blockchain Week, where more than 300 speakers came together to interact with over 17,000 participants. Meme Coins are Down In the last 24 hours, every major meme coin has experienced severe losses.…

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Filed under: News - @ September 16, 2024 9:23 am