Tether bombshell leads to 5% wipeout of bitcoin, can the market recover?96

On Apr. 25, the office of New York Attorney General Letitia James alleged iFinex, the company behind Bitfinex and Tether, of misusing $900 million of Tether’s cash reserves to hide an $850 million loss. Immediately thereafter, the bitcoin price plunged by seven percent against the U.S. dollar.

On Binance, the world’s largest cryptocurrency exchange, the bitcoin-to-tether (USDT) pair dropped from around $5,500 to $5,102 at the day’s lowest point, recording a 7.2 percent drop.

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