According to Bloomberg’s report, the US Commodity Futures Trading Commission (CTFC) has sent subpoenas to cryptocurrency exchange Bitfinex and Tether (the company behind the USDT token). It was recorded that he sent subpoenas to both companies in December 2017.. The news comes days after Tether announced it had dissolved its relationship with audit firm Friedman LLC, but it is unknown whether this move by the CFTC is related to that. It will further inflame discussions regarding Tether’s USDT. Criticisms on USDT are centered around the view that the token is not backed by the US dollar at a ratio of 1:1 as claimed, and that the tokens produced by Tether are used to boost the price of Bitcoin.
Bitcoin price dropped by 10 percent
Bitfinex and Tether were subpoenaed by the CFTC, and the price of Bitcoin dropped by more than 10 percent.. According to CoinMarketCap data, at the time of the news, one Bitcoin is trading at $10,000.
The statement from India brought the price down even more
After this news from the USA, India’s Another statement that came out caused the Bitcoin price to break even lower.. The Finance Minister of India, in a parliamentary session today, stated that all measures will be taken to eliminate the use of Bitcoin and cryptocurrencies as a payment method, as well as the use of illegal activities.. Upon this news, Bitcoin price fell to $ 9200.