without much to back it up.
There is a liquidity scare going on right now around the Tether crypto (USDT), which is likely what is driving BTC price down.
Essentially, the company that controls USDT is supposed to mint new coins on a 1:1 basis with the USD it holds on deposit. There is some evidence that they do not currently have enough USD to back the USDT in circulation, which could mean that crypto exchanges would not be able to cash out the crypto on there books were a “bank run” to happen.
Not that they could cash everyone out even if Tether were fully secure anyway...
In any case this scare is hitting all cryptos right now. I’m actually surprised things aren’t off a good bit more.
