Bitcoin Recovery Supercharges Crypto Funds

In the past 24 hours, the bitcoin price has increased by just over 1 percent against the U.S. dollar, extending its year-to-date (YTD) gain to 44.27 percent and leading the crypto market to recovery.

Despite the controversy around Tether, which understandably intensified when Stuart Hoegner, the general counsel to Tether and major bitcoin exchange Bitfinex, disclosed in an affidavit that Tether is only backed 74 percent by its cash reserves, bitcoin has rebounded strongly in the past week.

“As of the date [April 30] I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers,” the affidavit read.

Reference: https://www.ccn.com/bitcoin-recovery-crypto-funds-billions

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Author: Neo Anderson

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