Cantor Fitzgerald has been targeted by Democratic senators, reportedly due to its intricate ties to Tether. This is neither a small matter nor a major one—the political theater accounts for 70%, but with the market in its current condition, it can’t withstand any gust of wind.
$BTC is now at 81757, down nearly 2% over the past 24 hours. $ETH is even worse—around 2475, down nearly 4%. This kind of magnitude of drop, paired with this kind of news, indicates that market sentiment has entered a self-reinforcing panic. Next, it’s likely to see continued drifting lower before the hearing. If $BTC can’t hold the 80000 integer level, the next support is likely near 78000. As for $ETH 2475 at this spot, it wasn’t solid to begin with—once it breaks, the move could be in the direction of around 2300.
As for whether this investigation can really do anything to Tether, I don’t believe it. But whether the market believes it is another question. What’s frustrating is that whenever something like this comes out, it’s retail investors who run first. By the time the hearing ends, it will probably be a mess everywhere, and then everyone goes back to doing what they were doing. Same old script 😑
#Bitcoin
$BTC is now at 81757, down nearly 2% over the past 24 hours. $ETH is even worse—around 2475, down nearly 4%. This kind of magnitude of drop, paired with this kind of news, indicates that market sentiment has entered a self-reinforcing panic. Next, it’s likely to see continued drifting lower before the hearing. If $BTC can’t hold the 80000 integer level, the next support is likely near 78000. As for $ETH 2475 at this spot, it wasn’t solid to begin with—once it breaks, the move could be in the direction of around 2300.
As for whether this investigation can really do anything to Tether, I don’t believe it. But whether the market believes it is another question. What’s frustrating is that whenever something like this comes out, it’s retail investors who run first. By the time the hearing ends, it will probably be a mess everywhere, and then everyone goes back to doing what they were doing. Same old script 😑
#Bitcoin