The pair saw a strong and questionable pattern in Bitcoin prices. Bitcoin had its biggest spikes when two things happened: Prices started dropping, and lot of Tether was being printed. Then, as now, Tether was the most important “stablecoin,” or cryptocurrency supposedly supported one-to-one by reserves in fiat currency. Tether’s effectively a stand-in for the dollar each coin is supposed to be backed by the equivalent of one greenback in fiat currency. Tether is issued by an arm of iFinex, a Hong Kong company that also owns what was then the world’s largest exchange, Bitfinex. Blockchain.com, one of the leading crypto companies, has recently announced that it will be cutting its staff due to the current struggles in the cryptocurrency market. The company has been facing a difficult time with its operations as many investors have been pulling out of the market and prices have dropped significantly.
