Bitcoin Continues To Fall – Feb 1st Cryptocurrency News

Concerns continue to rise over Tether who recently received a supeona to explain some unanswered question. Everyone wants to know whether Tether is actually telling the truth when it claims that each of its tokens is backed by one US dollar. Also hitting headlines is Bitconnect. A US court has frozen Bitconnect’s assets as two lawsuits have been filed against them. Bitconnect shut down its operations earlier this month after it had been accused of being a ponzicheme.

Moving over to some other news. Venezuala’s President this week announced the pre-sale of the petro token, which will kick-off on February 20th.The token will be created on the Ethereum blockchain, and mining centers are being set up at educational institutions to produce it. Venezuela will issue 100 million tokens, each valued at and backed by the equivalent of one barrel of Venezuelan crude. So, this means that the value of the entire Petro issuance would be over $6 billion. The President stated on state TV that, “The Petro will have a great impact in how we access foreign currencies for the country, and in how we obtain goods and services that we need from around the world.” On Tuesday the U.S. Treasury Department shared their views on the situation. They believe that the token could actually violate the sanctions regime against Venezuela, warning investors who acquire it of legal consequences.

Bitcoin Continues To Fall – Feb 1st Cryptocurrency News

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Kane Dane