Crypto.IQ Daily Radio Show May 1: Tether (USDT) Reveals It Is Running on a Fractional Reserve, United States Indicts Two Men Associated With Crypto Capital for Bank Fraud, Electrum Wallet Appears to be Compromised by Hackers, Bitcoin (BTC) On-Chain Volume Doubles Since February Leading to Return of Scalability Concerns

May 1, 2019 / by Zachary Mashiach

Listen to the May 1 Crypto.IQ Daily Radio Show

On this edition of the Crypto.IQ Daily Radio Show, we do a deep dive market analysis. Bitcoin (BTC) is stuck below resistance at $5,300, and the crypto market is mixed this morning. Tether (USDT) has announced that 76% of Tether (USDT) is backed by cash and cash equivalents, with the other 24% being held by Bitfinex. This breaks the paradigm that Tether (USDT) is backed 1:1 by cash in a bank, and Tether (USDT) is showing weakness this morning on Kraken. Additionally, two men associated with Crypto Capital and Global Trading Solutions LLC have been indicted for bank fraud. These indictments are connected to the lawsuit against Bitfinex. Hear about how hackers have compromised the Electrum wallet and stolen $4.6 million while infecting 152,000 computers. Learn about how Bitcoin (BTC) on-chain transaction volume in terms of USD has doubled since February, but this has simultaneously brought back scalability concerns due to frequent overloading of the mempool and transaction fee spikes.

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