Crypto prices dropped across the board as news emerged that the U.S. government subpoenaed Bitfinex and Tether. One coin is selling for $9,882 right now, down from $11,186 last week. Litecoin followed big brother lower again and is quoted at $161 dollars right now. Bitcoin Drops on Tether Subpoena

Bitcoin prices dropped over 10 percent today after Bloomberg leaked a rumor that the U.S. government subpoenaed both Bitfinex and Tether. The outstanding supply of tethers snowballed since December of last year, from below 1 billion to over 2.3 billion. In other news yesterday Tether announced that they were terminating the audit that was expected last year:

‘Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable timeframe,” Tether said.’

According to some speculators, the two companies are printing tethers without USD backing to support crypto prices. More on this controversy HERE. Read more: https://blog.fxopen.com/bitcoin-drops-on-tether-subpoena/