Posted in: Archive
January 30, 2018 7:35 PM

Newsflash: Bitcoin Price Falls Under $10,000 After Bitfinex, Tether Subpoena

US regulators’ scrutiny into Bitfinex, one of the world’s largest cryptocurrency, over its dollar-pegged digital token Tether has sent bitcoin sinking below $10,000.

Bloomberg is reporting that the US Commodities Futures Trading Commission (CFTC) has sent subpoenas to Bitfinex and Tether, the firm behind a namesake digital token that is directly pegged to the value of a US dollar and is used for widely used for trading among exchanges globally. While Tether says its $2.3 billion in tokens are backed by USD reserves, the CFTC and Tether’s skeptics have questioned that very claim.

In a statement to Bloomberg, Bitfinex and Tether did not discredit news of the subpoena, stating:

We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests.

The subsequent reaction in Bitfinex’s own trading markets has seen bitcoin price fall to a 13-day low of $9,900. At press time, price is back up above $10,100.

Click here for a real-time bitcoin price chart.

Developing…stay tuned.

Last modified: May 20, 2020 9:08 PM

Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@) or find him barely tweeting @sambdas

More of: bitfinexTether