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You've probably all heard the news, Tether, the cryptocurrency supposedly pegged to and backed by the US Dollar has been comming under some scrutiny lately.

For quite some time people have questioned whether it was truly backed 100% by USD like Tether claims or if it was handled more on a fractional reserve basis. 

It's recently come out that the CFTC issued a Subpoena to both Tether and Bitfinex regarding Tether. What's kind of interesting is that while this news is just comming out now, the subpoena was actually issued back on December 6 of last year.

This could mean one of two things. It could be a positive that nothing further has come of it. It could also be a positive that Tether has continued issuing Tether which means either they have huge balls, they realize it's comming to an end and wanna make one last money grab, or it means that Tether actually is legit and they have nothing to fear.

So what does this mean for the crypto markets as a whole. FUD is never a good thing so from that perspective it's not helping the markets which are already down. This often happens in January historically, however it doesn't help that we the crypto community have also had other issues as of late driving things down further, everything from Bitconnect crashing to the BitGrail Raiblocks issue to India talking about banning crypto, none of this is helping an already historically bearish month.

If it turns out Tether is not backed by Dollars we may see the end of Tether. In some ways that could be a good thing as it will force money to go back into Bitcoin and other altcoins.

Where it could be very bad for crypto markets is if this turns out to be true, depending upon how much liquidity is lacking, it means that the entire cryptocurrency space is overvalued, essentially there was a bunch of fake money making the marketcap look larger. 

If that's the case it's not really the end of crypto but I think we would see a pullback that would last for quite some time as the coin prices we see right now are based on the marketcap we have right now. If it turns out the marketcap is substantially lower the coins should be priced lower to reflect that.

I personally don't trade Tether and never have so with the exception of being interested in this news it's not somethign I normally follow. If you have anything else to add or want to clarify anything I said please drop a comment in the comments section below....

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