Cryptocurrency prices fall amid Bloomberg’s update about Tether

The media giant Bloomberg’s news update on Tether being subpoenaed by US authorities led to panic and sharp fall in bitcoin prices as well as that of other currency. The news which is actually two months old was published by Bloomberg earlier during the day.

The news on Tether is actually two month’s old

Subpoenas were sent on Dec. 6, 2017 to virtual-currency venue Bitfinex and Tether, a company that issues a widely traded coin and claims it’s pegged to the dollar by the U.S. Commodity Futures Trading Commission. Here is a screen shot from actual article published earlier during the day. The article was titled “U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether”, which raises questions over the involvement of Bloomberg is spreading a well thought FUD.

The news resurfaced again in major media channels today leading to a panic situation among traders triggering panic selling. At a point when cryptocurrency market is experiencing continuous resistance from governments all across the globe a news of this kind was bound to affect the market prices.

The title “U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether”

The title of the article published during the day raises a lot of questions especially why a two month old news is published as an update at a moment when cryptocurrency market is very sensitive. What was Bloomberg actually doing?

Well, the cryptocurrency market took a hit from this news as major media channels followed the same news.

A word of caution to our readers

Please do not panic and just because you’re reading from an enough old and reputed media channel does not mean it is true. Read the article carefully as most of the time titles are misleading. Do your own research before making any decision and seek out help on social media channels.

What do you think is the reason for publishing a two month old news as an update?? Let us know your thoughts in our comment section below!

The presented content may include personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for you personal financial loss.

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Casper Brown

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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