Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation
This week, the New York Attorney General's office accused Bitfinex of concealing an $850 million loss at the hands of its payments processing partner Crypto Capital, by syphoning money from Tether reserves. The news was enough to propel the prices of Bitcoin and other crypto toppling as much as 7 or more percent on the day, and nearly erased the bullish belief the marketplace had actually been experiencing since the start of April.
In spite of the prevalent worries and general unease surrounding Tether and Bitfinex, Bitcoin and crypto financiers are divided as to whether they need to prepare an exit from the exchange, according to the results of a new Twitter survey shared by a crypto expert.
Bitfinex Users Are Divided: Half Are Fleeing, Half Are “Not Worried”
As could be plainly seen by means of validated blockchain transaction data, crypto financiers started running away from Bitfinex en masse following the news that the New York Attorney General's office had actually accused the exchange of covering an $850 million loss.
Worries ran amok last week as crypto market individuals troubled about the structural integrity of the marketplace, disturbed it might be artificially propped up by Tether. The FUD was enough to trigger the price of Bitcoin, which has had a strong bullish April, to fall 7% in a matter of minutes prior to consolidating even more under previous support turned resistance.
Related Reading | Tether Turmoil Twist
In spite of the worries, crypto financiers appear to be divided on whether getting their funds off of Bitfinex is a sensible concept or not, according to information from a new Twitter survey shared by TradingView leading author MagicPoopCannon.
To everyone who has funds on Bitfinex, have you withdrawn or will you withdraw (if you can) all of your funds?
— MAGIC (@MagicPoopCannon) April 28, 2019
In the survey, the active trader asked if users with reserves on Bitfinex would get their funds off the exchange as soon as possible, or which of those were “not anxious” at all about the potential risk. Of the participants, only 56% said they'd be “leaving Bitfinex” while the remaining 44% said there wasn't anything to stress over.
Current Price Action Doesn’t Matter If Bitcoin Reaches Investor’s Lofty Expectations
MagicPoopCannon in the past has actually shared other Twitter surveys, consisting of one where the trader asked where crypto investors see the price of Bitcoin in the future, long-term. The outcomes recommend that the current price action in Bitcoin price charts matters really little in the grand plan of things, that is if Bitcoin lives up to the expectations of market speculators.
According to the poll results, the majority of crypto and Bitcoin traders anticipate the price per BTC to reach over $100,000 to “millions” in the long-term, recommending that Bitcoin will quickly beat its previous all-time high of $20,000.
Bitcoin's capacity isn't completely understood or yet understood. Someday, Bitcoin given its limited supply, if it ever becomes a traditional currency, could reach those rather unbelievable price targets.
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