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Tether Describes Bloomberg’s Article as “Tired Attempt” to Undermine Its Business

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Tether says Bloomberg’s article is filled with “outlandish anecdotes”

Tether has issued a statement about Bloomberg’s investigative report published on Oct. 7, describing the article as “a tired attempt” to hurt the biggest stablecoin issuer.

The controversial company slammed the outlet for basing its reporting on untrustworthy sources that have no direct knowledge of how Tether’s business operates.

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Some of the damning details mentioned by Bloomberg include issuing billions of dollars worth of loans to digital asset lending firm Celsius and holding Chinese debt.

Tether insists that the USDT stablecoin, whose market capitalization has now swelled to $68 billion, is fully backed:

All Tether tokens are fully backed, as we have consistently demonstrated. The company has taken a leadership position in transparency, providing quarterly assurance attestations (as recently as the June 30, 2021 target date) confirming that all Tether tokens are fully backed.

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Earlier today, former Treasury Secretary Steven Mnuchin said that stablecoins have to be backed by actual U.S. dollars held in a regulated bank for them not to turn into casino chips.

In mid-September, when the troubles of Chinese property giant Evergrande started to unravel, Tether denied holding its commercial paper or any other form of debt.

In late July, Bloomberg also reported that Tether was facing a criminal investigation in the U.S., citing its sources. Tether, in turn, accused the publication of “repackaging” some old claims for its story for the sake of sensationalism.

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Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market

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  • The Dogecoin price analysis is bullish today.
  • Next, resistance is found at $0.262.
  • Support is present at $0.248.

The Dogecoin price analysis shows the price has increased today after a bullish streak for a continuous third day. Overall the DOGE price showed improvement during the past week as it came up from $0.235 to the current price level of $0.254, while swinging as high as $0.271 at one instance on 18th October. The price breakup was downwards for the first eight hours today, but the circumstances suddenly changed, which we will discuss under the 4-hour chart.

DOGE/USD 1-day price chart: DOGE bulls target the next resistance at $0.262

The 24-hour Dogecoin price analysis shows bulls have covered an upwards range from $0.249 to $0.253 today as the cryptocurrency is trading hands at $2.53 at the time of writing. The DOGE/USD pair shows a gain of 3.7 percent over the last 24 hours, and if observed over the course of the past seven days, the gain in value amounts to more than 8.5 percent.

Traders are keenly participating in Dogecoin trading as the trading volume shows an increase of 106 percent, which is a big number for the trading volume. This has also helped the coin to improve the market cap by 3.7 percent over the last 24 hours.

Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market 1
DOGE/USD 1-day price chart. Source: Tradingview

The volatility is mild, but the Bollinger bands show slight divergence indicating an increase in volatility for the coming time, as the upper band is present at the $0.258 mark, which represents resistance for DOGE/USD, and the lower band is present at the $0.224 mark, the average of the indicator is forming at the $0.241 mark representing support for the DOGE.

The relative strength index (RSI) is on an upwards curve in the upper half of the neutral zone, indicating more buying in the last hours.

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Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows the price function was downwards for the first 8 hours, but then a sudden spike in price was observed, and the DOGE price went as high as $0.264. The spike was very steep and unpredictable, but as we mentioned above, the resistance level is at $0.262, so selling pressure was obvious at this level, and soon DOGE price function was oscillating back. The bears have brought down the price to the current price level of $0.254, and further downside may also follow.

Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market 2
DOGE/USD 4-hour price chart. Source: Tradingview

The RSI has come down to index 55 after jumping up steeply. The RSI shows an almost equally sharp decline as it showed the steep jump. The indicator suggests the reversal of bullish efforts. The volatility has also settled down after increasing at a massive rate for the past four hours.

Dogecoin price analysis: Conclusion

The Dogecoin price analysis is overall on the bullish side, as most of the technical indicators show bullish signs, and a sharp increment in price was also observed recently, followed by the same sharp price fall. However, circumstances are still favorable for DOGE as the bullish trend is still in a healthy state, and the price will increase further in the coming days, but currently, DOGE is falling like a rock and may retest the support at $0.248.

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Cardano Price Analysis: ADA retraces to $2.14, slow reversal to follow?

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  • Cardano price analysis is bullish today.
  • ADA/USD  consolidates above $2.14.
  • ADA previously set higher local high.

Cardano price analysis is bullish today as a slightly higher low has been established around $2.14 after a higher high at $2.30 was set earlier this week. Therefore, we expect ADA/USD to reach further upside over the next 24 hours.

Cardano Price Analysis: ADA retraces to $2.14, slow reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Market leader, Bitcoin, lost 0.71 percent, while the top altcoin, Ethereum, gained 1.64 percent. Meanwhile, Shiba Inu  (SHIB) is the top performer today, with a gain of 36 percent.

Cardano price movement in the last 24 hours: Cardano consolidates above $2.14

ADA/USD traded in a range of $2.13 – $2.17, indicating low volatility over the last 24 hours. Trading volume has declined by 22.37 percent and totals $2.04 billion, while the total market cap trades around $70.4 billion, ranking the coin in 4th place overall.

ADA/USD 4-hour chart: ADA looks to set higher low?

On the 4-hour chart, we can see Cardano not able to reach further downside, likely meaning that a higher low has been set.

Cardano Price Analysis: ADA retraces to $2.14, slow reversal to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has traded sideways over the past weeks. After a strong decline in September, a new major swing low was established at $1.90 on the 21st of September.

The following reaction set a swing low at $2.46. Since then, both lower highs and higher lows have been seen, indicating that the market is trading in an increasingly tighter range.

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Currently, the support area can be seen at around $2.10, while resistance is strong at around $2.30. Earlier this week, a higher high was set above $2.25 previous local high, indicating that the Cardano price action might be preparing to finally break higher. However, until the $2.30 resistance area is not broken, we likely will see further consolidation next week.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as a slightly higher low has been established above $2.14 after a clear consolidation over the last 24 hours. Therefore,  we expect ADA/USD to reverse and look to break above  $2.30 next week.

While waiting for Cardano to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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Chainlink Whales Own Nearly 25% of $LINK’s Supply After Months Accumulating

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Whales within the decentralized oracle network Chainlink have been steadily accumulating LINK tokens over the last few months, to the point they now own up to a quarter of the cryptocurrency’s supply.

According to data shared by crypto analytics firm Santiment, Chainlink millionaire addresses, holding between 100,000 to 10 million LINK tokens, have been accumulating for months to now hold the largest amount they have held in the cryptocurrency’s history.

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The 175-year-olçd news agency Associated Press (AP) has earlier today revealed it will provide economic, sports and elections data to Chainlink through a new partnership. The move will both improve how data sources value smart contracts and what smart contracts can achieve using AP data.

According to Sergey Nazarov, co-founder of Chainlink, the network’s oracles can bring new data onto blockchains at the rate developers can build interest applications for users, so AP’s signed data can see developers create decentralized finance applications and smart contracts associated with a “wide array of previously inaccessible topics.”

The move saw the price of LINK surge and move out of a trading range it had seemingly been stuck on. Over the last 12 months, LINK is up over 140%.

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LINKUSD Chart via TradingView

Earlier this year, as CryptoGlobe reported, crypto analyst/influencer Elliot Wainman, the owner/host of YouTube channel “EllioTrades Crypto”, told his over 300K subscribers that — according to his technical analysis — Chainlink seems set to go much higher against Bitcoin, which could lead to “an explosion of the oracle coins.”

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