Bitcoin (BTC) is finally back in a real bull market reaching $9,500 for the first time since February this year. The entire crypto market skyrocketed in the last 24 hours due to Bitcoin’s upcoming halving event that is expected to take place in 12 days.
At the same time, the recognized investor and chartist Peter Brandt slammed Tether (USDT), the largest stablecoin in the market. He stated that holding Tether is about as safe as holding the Nigering Trinket.
Bitcoin and Cryptocurrencies Surge
Bitcoin has skyrocketed by 19% in the last 24 hours. As we can see, the virtual currency surpassed $9,300 during the European night. The last time this happened was on February 26 when the market was close to a local top of $10,300. If Bitcoin does indeed cross this aforementioned price level, we will be talking about the highest price registered for Bitcoin since September 2019.
The entire market is growing due to the narrative around the halving event that Bitcoin will experience in just 12 days. The new issuance of BTC will fall to 6.25 BTC from 12.5 BTC. If demand for the virtual currency grows, it will be possible for it to move towards new all-time highs.
Tether Under Attack
Tether, the largest stablecoin in the market has also been attacked by one of the most recognized chartist and analysts in the cryptocurrency market. Peter Brandt wrote on Twitter that holding Tether is “as safe as holding the Nigerian Trinket.”
On this issue, he stated:
“Tether. Now that is an interesting story. Holding tether is about as safe as holding the Nigerian Trinket. I think people are fools for holding wealth — even overnight — in tether. It is a joke when ppl condemn USD as fiat, yet hold tether.”
Tether. Now that is an interesting story. Holding tether is about as safe as holding the Nigerian Trinket. I think people are fools for holding wealth — even overnight — in tether. It is a joke when ppl condemn USD as fiat, yet hold tether.
— Peter Brandt (@PeterLBrandt) April 29, 2020
Tether has been involved in several controversies over the last years. It has been many times accused of manipulating Bitcoin’s price and the crypto market. At the same time, many doubt the company behind Tether holds enough USD in order to back the entire USDT supply released to the markets.
Currently, Tether stands as the fourth largest cryptocurrency with a market valuation of $6.39 billion.