Bitfinex + Tether = Cryptocurrency Crash?

Will BTC, ETH, IOTA, USDT, and EOS crash with Bitfinex? The news stories about USDT seem to be pointing to a disaster with the cryptocurrency Tether including a warning shot with the $30 million dollar treasury hack.

When we combine this with the $70 million USD Bitfinex hack last year and the cryptocurrency exchange banning customers in the USA, the house of cards seems stacked up and ready to fall any day at https://bitfinex.com. With Bitcoin, Ethereum, IOTA or Internet of Things, EOS, and Tether being the top digital currencies traded on the #1 exchange currently Bitfinex, it seems like a wise move to withdraw at least some funds from Bitfinex to Bittrex or Poloniex or preferably another wallet in case of a meltdown.

When will the cryptocurrency market crash? Everything is fine on Bitfinex and with Tether as long as buying demand is greater than selling demand and prices go up. The problems come when everyone tries to cash out at once either after the next court ruling or news story or hack. It seems likely that anyone with Tether may find the price go double or even triple that of a real USD with a trusted exchange meaning traders on Bittrex and Poloniex may lose millions trying to cash out a worthless Tether. Alternatively, a big Bitcoin selling wave might bottom out an exchange like Bitfinex which may have much less fiat currency on hand and may struggle to make the withdrawals to the customers. As customers start sharing stories of not being able to pull out money, the USD exchange on Bitfinex may become worthless as everyone tries to pull out and everyone with USD tries to buy Bitcoin or Ethereum moving the USD price on Bitfinex potentially into the hundreds of thousands as customers realize a USD on Bitfinex is not really worth a USD in real life.

My prediction is the prices on Bitfinex to USD will go crazy with Bitcoin maybe going over $1 million USD for 1 BTC as buyers realize a USD on Bitfinex is not equal to a real USD or even many any USD. All of the other coins on Bitfinex are likely to crash with it as traders try to pull out before others and sell into fiat as fast as possible. This may lead to as much as a 90% drop in the price of Bitcoin, Ethereum, EOS, IOTA, and USDT which are some of the top cryptocurrencies traded on Bitfinex.

What I share is based on the warning I received in my Bitfinex account upon logging in along with a review of the data I show from https://coinmarketcap.com/ and https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attacker/ along with bits from what I have read and discussed elsewhere such as Google news, posts on Steem, and chat in my discord from https://jerrybanfield.com/contact/.

Thank you very much for reading about how I think the Bitfinex + Tether issues will equal a cryptocurrency crash. I hope this is helpful to save us millions of dollars in cashing out our profits before disaster strikes!

Love,
Jerry Banfield
PS: The only cryptocurrency I invest in is Steem because of what you can see on my blog at https://steemit.com/@jerrybanfield

Bitfinex + Tether = Cryptocurrency Crash?

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