Bitcoin at tipping point after nearly revisiting $30K

22 Jun 2021

???? BTC | $31,366 (-4,120, -11.4%)

???? ETH | $1,873 (-363, -16.2%)

???? XRP | $0.58 (-0.18, -23.3%)

???? LTC | $121 (-33, -21.6%)

Bitcoin appeared to nosedive more than -10% after the Chinese central bank summoned financial companies to tell them in no uncertain terms not to provide cryptocurrency-related services. This is not a new development however, with a similar incident already having happened in May.

International pressure on Tether and other stablecoins appears to be rising, with attempted investigative pieces, regulatory probes, and negative social media on them appearing more frequently. Tether is well known for refusing independent audits into their holdings, but that seems difficult given they now supposedly have holdings of US commercial paper larger than the likes of Vanguard and BlackRock.

With the recent total collapse of IRON Finance (TITAN) and the market cap of stablecoins now hitting around $100B, the market is as uncertain as ever if they actually have enough reserves to back up their holdings should holders attempt to cash out their store of stablecoins.