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Clear Skies For Bitcoin As Tether Settles With NYAG



A dark cloud has been lifted from Bitcoin, and it could mean clear skies for the crypto market for here on out. Why? The most dangerous potential “black swan” hanging over the crypto market for years, has now been significantly derisked. According to breaking news, the company behind the stablecoin Tether and crypto exchange Bitfinex, has settled with the New York Attorney General’s office for some $18.5 million to clear the firm of accusations of “any wrongdoing.”

Here’s why this is such a big deal for Bitcoin, Ethereum, and the rest of the crypto market.

Dark Cloud Of Tether FUD Lifted From Crypto Market

Tether has long been the center of controversy in the cryptocurrency market. The stablecoin trading under the USDT ticker, earned itself a notorious reputation early on for a lack of transparency into the fiat and assets said to be backing the asset.

Tethers are tied one to one with the dollar in terms of value, and are said to be backed by a corresponding dollar or asset valued accordingly. The New York Attorney General’s office, however, made allegations against Tether after issues arose stemming from a portion of the company’s assets it could no longer access.


Tether today revealed that it has settled with the NYAG’s office for $18.5 million, while admitting to no wrongdoing. According to a statement, over 2.5 million pages of documents were submitted providing insight into operations, helping to defend the company’s innocence. ‘

A settlement, however, doesn’t fully prove innocence, so there’s no telling the true situation behind the scenes at Tether.

tether bitcoin usdt

As more USDT enters the market and supply rises, so does Bitcoin price | Source: BTCUSD on

Forecast: Clear Skies For Bitcoin And Altcoins

The stablecoin was also demonized for being used to manipulate the price of Bitcoin during the 2017 bull market. There’s also a direct correlation with new stablecoins entering the crypto market, and large Bitcoin uptrends.

One of the darkest clouds hanging over Bitcoin this entire time, however, has been the claim that the cryptocurrency market’s capital was nothing but unbacked capital built on Tether, that was ready to come crashing down as soon as this case concluded.


The crypto community speculated it could potentially mean the end of the current bull market, had that information come to light. Instead, a settlement means the case is now closed, and the company is essentially cleared of “any wrongdoing” as it claims.

With nothing wrong to report, and no pending cases against Tether. There’s nothing but clear skies for Bitcoin and the rest of crypto.

Featured image from Deposit Photos, Charts from

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Coinbase Considers Bitcoin Creator A Risk To Business, Here’s Why




Popular Bitcoin (BTC) exchange platform Coinbase has filed to go public this week. Within the company’s filing with the US Securities and Exchange Commission, it has been revealed that the San Francisco-based giant considers a comeback from the coin’s creator Satoshi Nakamoto a serious risk to its business. Here’s why the crypto exchange is so fearful of the mysterious individual or group behind the pseudonym.

Coinbase Fears A Comeback By Satoshi Nakamoto

Coinbase has long been a market leader in the cryptocurrency space, offering one of the most downloaded and accessible apps for Apple’s iPhone and Android smartphones. It’s institutional centric platform, Coinbase Pro, has become the go-to for major players, rumors to range from Tesla, to Square, and more.

The company’s overall momentum combined with the cryptocurrency trend rising so rapidly, compelled the brand to file to go public this week after long-running rumors. In the prospectus presented to the SEC, Coinbase considers Satoshi Nakamoto a potential business risk among other examples.


Other risks include hacks, quantum computing, and other issues that would impact the general health of the market, which Coinbase says its business is tied to. But why is Coinbase, according to the SEC filing, so freaked out about “the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin?”

The answer is in the coins themselves.

bitcoin satoshi nakamoto coinbase


Bitcoin Creator Wallets Contain 1M BTC: What That Means For Crypto

Satoshi Nakamoto is said to be the owner of wallets containing more than 1M in BTC, a substantial portion of the asset’s hard coded and limited supply. At current Bitcoin prices, Nakamoto would be ranked in the top twenty-five billionaires according to the Forbes real-time list of the world’s wealthiest.

Yet no one knows for certain who that person or people might be, or if some day they return to sell their coins. As the asset’s creator, they likely wouldn’t have intention to disrupt the network or integrity of the market itself, and wouldn’t do anything harmful purposely. However, uncertainty is a main component of FUD, and nearly as anxiety-causing as fear or doubt.


Not knowing what would happen in the “what if” scenario could cause a selloff in the speculative asset one way or another, which is why Coinbase calls attention to the business risk.

To this day, no one is certain of who Satoshi Nakamoto is, if it was a group or individual, or if they’re still alive today.


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Why is Bitcoin $86K in Nigeria? Here’s why the BTC premium is huge in some countries




Since the start of 2021, Bitcoin (BTC) price has been chasing new highs on a weekly and daily basis. On Feb. 21, BTC reached a new all-time high at $58,300. However, an interesting phenomenon is that even with many global cryptocurrency exchanges in existence, BTC’s price can still vary greatly depending on geography.

This raises an intriguing question. How can Bitcoin price simultaneously trade at $53,047 in Malaysia, $49,727 in Singapore, $51,133 in India, and over $86,000 in Nigeria? Is the reason simply a temporary imbalance between buyers and sellers, taxes, regulations? Or is there something else at play?

As shown in the chart below, there really isn’t a set price for BTC as nearly every country has its own digital asset valuation.

Bitcoin price premiums. Source:

At any given time, cryptocurrency prices will differ between countries, even after adjusting the currency rate. Indeed, some additional buying or selling pressure could create discrepancies, but that should not be continuous and steady.

What’s causing the huge BTC price discrepancies?

This phenomenon isn’t something new or exclusive to cryptocurrencies, however. Exxon Mobil stocks, for example, are traded in the United States, Russia, Argentina, Germany, Mexico, and Switzerland markets.

While there may be different reasons for the friction including bureaucracy and nation-specific laws, they’re basically the same asset. Nevertheless, their prices usually differ after adjusting for currency exchange rates.

Unlike stocks, however, transferring cryptocurrencies usually takes less than an hour, and it doesn’t depend on custodians and depositary receipt administrators. Therefore, bureaucracy can not be the reason for the big price differences for Bitcoin, which is borderless.

On the other hand, suppose one just bought BTC in the U.S. or Europe and is willing to sell it in Argentina to profit from the 6.5% difference. Even if there were no trading fees involved, the result would be the local currency, Argentine Pesos ARS.

Things get more complicated though, as one will need to convert this fiat money back to USD or EUR. There might be domestic restrictions, taxes, or even worse, a different currency rate for foreigners. Moreover, traditional currency remittances don’t take place on weekends and usually take one or two business days.

2020 index of economic freedom. Source:

Not surprisingly, the countries with the highest BTC valuations consistently score low on investment and financial freedom global rankings. Barriers and taxes created by strict government controls translate into additional risks and costs for the fiat conversion and remittance. This all contributes to the premium seen versus the remaining countries.

Government action might create extreme situations

Extreme capital control situations such as the Nigeria Central Bank recently shutting down all cryptocurrency-related bank accounts could be behind the current 70% premium versus global BTC markets. But Nigeria likely has the highest premium in the world because this country, in particular, is also the leader when it comes to Bitcoin adoption, based on the latest data. 

Eventually, arbitrage traders will find a solution to bypass sanctions, and the price gap should tighten. But right now, there is no effective way to “profit” from the arbitrage.

For those wondering what would cause Bitcoin to trade below most liquid markets such as the U.S., there is no definitive answer. It is most likely some regulatory hurdle for depositing fiat money on local exchanges, thus creating an imbalance favoring the sell-side.

The negative premium is less common, however, and stablecoins could be used to mitigate this effect. Meanwhile, when a hefty premium is seen in local fiat currency, it does not justify a similar price gap for dollar-denominated stablecoin trading.

Thus, such differences in pricing across various countries represent the risks, red tape, taxes, and inefficiencies of converting fiat between currencies and sending fiat money across borders.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.