Daily Crypto NewsEDITION #159, 23 February 2021

We waited so long. Hello!

Hey #Moni Maker ✋

Today in 1927, U.S. President Calvin Coolidge signed a bill by Congress establishing the Federal Radio Commission. Fun fact: Bitcoin can be transferred over the radio. Interesting, does the Commission trace those transactions? Anyways, there is a bunch of interesting, non-geeky news out there, so..

Let’s go!

Crypto market is currently undergoing a correction. Most altcoins dropped by 15%, bitcoin lost about 11% and momentarily fell below $47k.

A new liquidations record followed shortly after:

Yesterday $3.5 billion worth of long positions were liquidated, $1.5 billion of that happened on Binance alone.

So what?

"Weak Hands (investors who sell assets during a dump) will show themselves now...

We advise you not to follow your emotions and stay calm. We also advise to not listen to anyones’ advice. Even ours :)

JPMorgan reported that the risk of a "sudden loss of confidence" to USDT can cause bitcoin and crypto shock.

“Data collected by NYDIG suggests that since 2019 around 50-60% of BTC trades for USDT...Thus, were any issues to arise that could affect the willingness or ability of both domestic and foreign investors to use USDT, the most likely result would be a severe liquidity shock to the broader cryptocurrency market which could be amplified by its disproportionate impact on HFT-style market makers which dominate the flow.”

In general, JPMorgan analysts call bitcoin a "secondary" phenomenon in the economy, but recognize its role as an "alternative" currency.

So what?

To paraphrase the classics: "Wake me up in a hundred years and ask me what's going on in crypto. I'll answer: there's a Tether case going on." Until the court has issued a final verdict, it is impossible to accuse or exonerate any of the parties. But!

Be vigilant, Moni Makers...

— Binance launches perpetual REEF/USDT, RVN/USDT and SFP/USDT futures contracts trading with up to 25x leverage.

And one more thing...Buy Bitcoin! 😉