Tether Faces Allegations, Causing Crypto Market to Shrivel Up

The global crypto market is down by 3.17%, hovering around $2.04 trillion with an FGI of 36 points. Ethereum tokens have fallen badly, while Bitcoin tokens have been able to absorb the pressure to some extent. Justin Bons, the founder of Cyber Capital, has called out Tether, stating that it was a $118 billion scam. It is little known whether the allegation has caused the crypto market’s decline or if there are other factors at play. Justin has backed his allegation by saying there was no proof of reserves and no audit was performed since 2021.

ETH Takes a Major Hit

Ether is massively down by 5.81% in the last 24 hours, to a value of $2,280.77 in the previous 24 hours. One major development in the ecosystem is the staking of funds worth $502 million by 4,000 new investors. The move coincides with the anticipated rate cut by the Federal Reserve. This could be accomplished as early as this Wednesday. In the past weekend, Ethereum failed to regain the $2,500 zone, which has discouraged its holders. Investors continue to play a significant role in instilling confidence in various ways.

BTC has experienced a single-day decline of 2.94%, currently trading at $58,445.95. The price is approaching the milestone of $60k. Bitcoin tokens briefly tested support by ranking above $60,377. There is optimism for Bitcoin due to the existence of five projects that are upgrading the network without modifying its code. These projects are BitcoinOS, Brollups, Fractal Bitcoin, Babylon, and Nubit. The crypto market, as a whole, is seeing optimism despite price falls since the conclusion of the Korea Blockchain Week, where more than 300 speakers came together to interact with over 17,000 participants.

Meme Coins are Down

In the last 24 hours, every major meme coin has experienced severe losses. Dogecoin, for instance, is down by 3.94%, and Shiba Inu has plummeted by 3.61%. Their trading values are $0.1014 and $0.00001329, applicable in the same order. This comes after an investor reportedly moved 80% of his portfolio into Texas Finance. It is an ETH-based RWA token. Texas Finance is gaining popularity at a rapid pace.

Since the presidential debate, Donald Trump-themed meme coins have been freefalling. Many had anticipated a brief mention of Bitcoin. That did not happen, and the debate turned out to be an unexpected event for Trump. Accusations of moderator bias are now circulating in media reports.

Other Gainers and Losers

XRP is down by 3.41% in the last 24 hours and is exchanging hands at $0.5685 with a set target of $0.85 by the end of this month, or $1 by the end of this year. The enthusiastic holders in Ripple’s native community anticipate the launch of its ETF by 2025. That is a lengthy timeline, which will have less impact on the price in the short term. SOL lost nearly 4.69% of its token value before listing at $130.70.

PEPE is carrying a lot of expectations. The only downside to that aspect is that the frog-themed meme coin is letting down several investors with a 6.75% downfall. Its value of $0.000007207 is less encouraging, despite bearing the flag of one of the best meme coins for a long time.

Conclusion

All things considered, the final announcement of the Federal Reserve to cut rates remains. Cryptocurrencies are later poised to rebound from their lows if the cut sounds favorable or sustainable in the days to come.

Disclaimer: Values were true at the time this article was written. This content is not investment advice.