Thread by @cburniske

On one hand, I’m impressed with how $BTC has held given the #Tether news, on the other hand the ~$200 spread between @bitfinex & other exchanges is making me queasy.

Hardly selling off after getting bad news is something we’d expect in a bull market (which I don’t consider us to be in yet despite the hurrahs around golden crosses), but the non-reaction (thus far) has opened my eyes on $BTC sentiment a bit.

On the other hand, we’ll see if Bitfinex can withstand the run on the bank & what further Tether boots drop.

With $BTC needing to retrace to either $4K or the 200 week SMA to have a rock solid base for the bull market to come (IMO), we could get our last great opp of 2019.

Lastly, very curious to watch how this tumultuous news plays with the brewing euphoria of announcements that will no doubt come with #NYC’s Blockchain Week(s).