Well, I hate to say I told you so. But I told you so…last week, I said another BIG crash was coming, when bitcoin had already dipped from 35k to 30k. And then in Mondays surprise live stream, I said the PUMP we were experiencing was a dead kitty bounce, to sucker in a few more over-leveraged shorters well yesterday, down we started to go again. As they start to play into a certain narrative.
A tether implosion, January 15th. So what’s gonna happen in the next couple of days? Well, find out in about 10 minutes, because its time for Chico Crypto! So, here it comes the Narrative, which now every other YouTuber will talk about to get the views because it’s going to be the talk of the town.
January 15th, Tether implosion, the end is nigh!!!! Well, luckily Chico Crypto was here to cover it far before it was mainstream news and understand if far more than these chumps youtube is promoting to over 100k views, suckering in newbies to the worst people possible. Go leverage trade with my BYBIT link puh puh puh, please.
So, let’s do real & not fake as frick. Cuz I friggin hate fake like Ricky from TPB. So what is real!? Well, let’s take a look at a real volume exchange within the united states that has been forced to play by the rules lately, and one that got involved with Tether, during the first Tether bubble, back in 2017.
This is the Kraken exchange, and they added support for Tether in March of 2017, as seen from their blog post about. Now, from March through the bull run peak, and into 2018, Kraken became a Tether hotbed.
In October of 2018, coin desk covered it in an article titled Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars and the article says The exchanges wallet balance stands at nearly 47.8 million USDT at the time of writing, making it the eighth-most valuable wallet holding this asset, according to the Tether Rich List which using the way back machine, the internet time machine to go back to October, and the rich list, we can confirm that yes, Kraken was #8 on the tether rich list. Well, if you look at the rich list today, they are not near the top, have fallen and fallen steeply.
Down to #35. So the question is. What happened? Well, the manipulators couldn’t continue to manipulate on Kraken, as regulators started closing in. Because Kraken is a US-based crypto exchange so just before, Kraken reached #8 on the Tether rich list Bloomberg dropped this article, Crypto Coin Tether Defies Logic on Kraken’s Market, Raising Red Flags And they analyzed Tether trading on the exchange, and at the end of the article it says The Tether trades he’s reviewed on Kraken are unusual enough that, if they were happening on a stock exchange, regulators would be investigating the trades, Weisberger said.
Is there manipulation? I don’t know, but I know they’d be digging into it. Such mysteries are probably keeping big investors out of cryptocurrencies, he added. Institutional investors, before they commit their capital, want to see the market is fair. So, that was nipped in the BUD. Regulators have come for the US-based exchanges.
Kraken has distanced itself from Tether, it fell off the rich list and if you go to coin geckos statistics on trading volume today, its largely fiat currencies, with only a small sliver of its USDT. The money flow of Kraken, dominated by fiat and small slivers of tether…doesn’t look like the money flow of Bitcoin, dominated by Tether and only small slivers of USD. So why am I showing this? Well those involved with Kraken, they understand both sides of crypto.
They played with the unregulated side from 2011 to 2018, and then they were forced to play by the rules from 2019 to today, with regulators microscopes above. They understand what is going on So Dan Held, is the head of business development and growth for the Kraken exchange. He recently put out a FUD crushing video, titled worried about bitcoin, don’t be. And in it, let’s just hear what he had to say about bitcoin manipulation and tether.
His FUD crushing is, that yes it is going on, but the reason it’s OK is it happens in other markets. That is the worst thing I’ve ever heard & it sounds like some reply from a troll on Twitter. Yes, markets are manipulated, but that does not make it OK. Those banks were fined and punished for manipulating markets, you showed that the punishments were into the billions upon billions of dollars.
And for some manipulation, like HSBC and money laundering in 2012, we can see from the DOJ’s release HSBC had to replace almost all of its senior management, clawed back deferred compensation bonuses given to its most senior AML and compliance officers, and agreed to partially defer bonus compensation for its most senior executives.
Also, they had to make significant changes in its management structure and AML compliance functions that increased the accountability of its most senior executives for AML compliance failures. A major restructuring for doing wrong. So do not think for one second, penalties and restructuring could be coming to major crypto companies down the road. And they are coming this year…but we are in the stage of the last hoorah.
The last Tether hoorah, before it all comes crashing down. So, I wanna go back to that Bloomberg article on Tether manipulation on Kraken, they were actually talking to someone regarding this and getting the information on. As we can see, None other than Andrew Rennhack. Ain’t that quinidine as we just covered Renhack, and his thoughts on the Tether situation today, just last week So Rennhack, he has been on the ball with this for a long time.
So what is Rennhack saying today?? Well, he put out this tweet on January 10th, People seem to think my $5k price target is ridiculous. I know bitcoiners love math so let me explain by looking at prior bubbles 2013 bubble $1,200 -> $200 = -85% 2017 bubble $20k -> $3.2k = -85% 2021 bubble $42k? -> $6.3k = -85% But yeah, I’m sure this time is different He continued I don’t know if it’s over or not, but it’s either over or getting close to being over. It’s up 13x from the bottom. It either goes to 60k and pops or crashes from here in my opinion.
50% upside with 90% downside is not favourable odds to go long. So renhack has a feeling it’s about to be OVER. So what are my personal feelings!? Are my views aligned with Rennhacks? Well, I’m eyeing the charts and January 15th like a hawk, the AGs next position against Tether is most likely revealed. And I understand like Rennhack, that this run isn’t built on institutional involvement, some are but its mostly built on Tether USDT.
But I don’t think it’s close to being over. The Tether talking heads are pushing the narrative, that there is a natural demand for these tokens. January 3rd, a Santiago Capital on Twitter tweeted If anyone anywhere has redeemed USDT for USD and can show proof of this transaction I would be happy to compensate you for your time and effort.
Thanks! Of which, Ryan Salame replied with proof! Who is Ryan? Well from his Twitter profile, he is head of OTC at Alameda research, aka FTX with Sam Bankman Fried! So it was proof though, that Tether was created and demanded.
Not so far, as yes it was proof of a mint, but not proof of USDT to USD transaction. Which you can see from the replies, as Salame, got trashed on Twitter. moving USDT does not prove anything bro, can you show anything real cash related, wire transfer, bank statement? which proves you really wired tether cash? and more importantly, got cash back after sending back USDT?? No, he couldn’t.
Then Francis Copolla tweets So you haven’t actually redeemed USDT for USD at all, have you? Why are you giving people the misleading impression that you have? and at the bottom a David explains what the transactions are You’re sending to Bitfinex, not to Tether with the link to redemption, https://tether.to/redeem-tethers-to-bank-account/ That is clearly a Bitfinex exchange account that handles lots of non-Tether business He didn’t prove jack crap, he just fueled the narrative even more that there is no transparency.
Even the big OTC desks who should be involved with Tether daily, cannot provide a single lick of proof of USD redemptions. BUTTTT the fact that they have these talking heads putting out this misleading information, makes me think, they are going to mislead the markets even more. just like Bitfinex CTO said its business as usual after January 15th. Cheers Ill see you next time!.