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Bitcoin Hell Day: Continuing Coverage

Written by:
Aaron Goldstein
Published on:
May/19/2021

Gambling911.com is advising its readers not to request a withdrawal into their Bitcoin wallet until approximately Thursday May 20, 2021 12 pm EST due to the volatility, mining delays and issues with the Coinbase Exchange site that may result in loss of value to said payout.

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Bitcoin Crashes

Digital currencies were in freefall after China’s banking association issued a warning over the risks associated with digital currencies. A statement posted on the industry association’s website said all members should “resolutely refrain from conducting or participating in any business activities related to virtual currencies.”

Bitcoin’s price was down 16% to just under $37,000 before gaining some significant ground throughout the day, hitting above the $39,000 mark.  The low Wednesday was $30,000.  It was just a few weeks ago the price hit an all-time high of $63,000.

The massive selloff came after China announced it would be banning financial and payment institutions from providing cryptocurrency services.

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Tether Reaches New Lows in Quest to Prevent Audit

Our colleagues over at Coinbase report that cash accounts for a measly 2.94% of Tether’s entire reserves based on recent filings, a scary notion considering the volatility in the crypto space this day.

Tether reached a settlement with the New York Attorney General's office requiring that they file a reserves report, one for each quarter over the next two years.  

What they submitted appears to be lacking per Jordan Atkins of CoinGeek. 

Tether actually released is a one-page document containing two pie charts: one which shows the makeup of Tether’s reserves as being 74.85% “cash & cash equivalents,” and another which further breaks down what ‘cash and cash equivalents’ means. 

This is a far cry from the days when Tether was trying to convince us that every tether in circulation was backed by a matching U.S. dollar.

Atkins suggests that the other items listed in the breakdown, such as the 65.39% worth of “commercial paper,” are "next to meaningless in this context".

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