If you haven't read about it yet somewhere else, then #Tether has aborted its independent audit.
Background: A lot of people have been very critical of Tether, a coin that is supposed to be "tethered"
to the value of 1 US dollar. Tether has been the "go to" altcoin when #Bitcoin falls. It is like a safe-haven.
Concern: Tether does not have enough cash reserves to actually back up its coins, and so their real value might be a lot less than what they trade for.
Result: There are over a billion dollars in Tethers out there and a lot of people may be fleeing Tether. So where is the money going? Well, probably just back into Bitcoin and other coins.
Could this be what is driving the #breakout from the past few hours. It might be.
I think it is just adding energy to the already ready-to-breakout bitcoin and altcoins.
If this rally makes it through the next 2 days, then it is probably bull territory ahead for cryptos.
In my last post, I wrote that the $12,000 level was the price to watch for Bitcoin. Well, we just crossed it as I write these words. If this is the restart of the great crypto adventure, then most coins will retrace back to their highs in a matter of a couple of days. Once we reach the old highs, expect a short downturn and then back up to higher #all-time-highs.