Peter Brandt said that after dozens of things about USDT, he couldn’t think of investing in Tether. The expert, known for his accurate predictions on Bitcoin and altcoins, referred to a Bloomberg report. Here are the details…
Bitcoin analyst Brandt criticizes Tether investors
Veteran trader Peter Brandt discussed a recent report on Bloomberg that shows Tether (USDT) holders are increasingly willing to sell their holdings. Brandt says there’s no way he can keep assets in Tether. Brandt claimed that it was incomprehensible for “crypto freaks” to criticize the US dollar while holding Tether. As we reported on cryptokoin.com, it was revealed on Friday that USDT has this 65 percent share in a liquidity pool that allows traders to switch between the three most popular stablecoins.
Mudrex CEO Edul Patel said it shows investors are still cautious about keeping Tether in their portfolios. Meanwhile, critics of Tether have called for a full audit, rather than any third-party statements the stablecoin has. To keep its reserve as liquid as possible, Tether is raising US treasury bills and reducing commercial paper risk with a view to eliminating it over the next few months.
Analyst thinks Bitcoin can recover
If USDT diverges from the US dollar, the cryptocurrency markets could be devastated. Tether acts as the most popular entry and exit point for other assets. It is not only the largest stablecoin, but also the third largest crypto asset by market cap. However, well-known investor Brandt has a strong view on Bitcoin, the largest cryptocurrency. He said he saw an indicator for the asset pointing to a possible uptrend.
Brandt is of the opinion that Bitcoin can now recover from the 70 percent drop it saw during its worst bear market for the most successful cryptocurrency of all time. On the other hand, Brandt predicts that the price of ETH, the world’s second largest cryptocurrency by market cap, could drop as low as $300. Brandt said he would not buy the most popular altcoin with the money of his worst enemy, to emphasize the seriousness of his bleak outlook.
Investors are moving away from cryptocurrencies
Major investors are pulling out of the cryptocurrency market due to the recent recovery in the US dollar, as seen in institutional net flows last week. As we reported as Kriptokoin.com, the flash decline of Bitcoin and Ethereum assets drove investors away from the crypto money market. Large individual buyers and funds operating entirely in the cryptocurrency market have begun to change their commercial orientation.
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