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michael van de pope, Crypto trader and analystposted a tweet to explain what is happening to the price of Bitcoin at the moment, what correction the market is facing and what is likely to come next.
The correction is being caused by an important factor, according to Poppe, which is the USDT FUD that is now flooding the cryptocurrency market.
Many on the social media network
Tether FUD and fear of future USDT delisting in Europe
In December this year, EU authorities implemented the Markets in Cryptoassets (MiCA) regulation, effective December 30. This regulation requires strong compliance requirements for crypto assets in Europe. Many believe that USDT may fail to meet those stringent requirements and thus be banned from use within the European Union.
Therefore, many are spreading negative speculation (which crypto fans like to refer to as FUD, which stands for “fear, uncertainty, and doubt”) that USDT may be delisted from exchanges in Europe. Many crypto influencers refute this speculation; Among them are the head of JAN3 and Bitcoin holder Samson Mao.
Tether CEO Paolo Ardoino addressed FUD on his X account, assuring the community that USDT will not be considered illegal in the EU.
Related to
Here's what comes next for the Bitcoin price per Poppe
The aforementioned analyst Michael van de Poppe tweeted that despite the current correction largely fueled by this FUD, and even with significant chances for Bitcoin to fall deeper, “backup cycling may have already begun.”
At the time of writing, Bitcoin is trading at $94,630 after recovering 2.58% over the past 24 hours, up from the $92,300 trading zone.
However, Bitcoin fell for the first time below the $100,000 level even before the start of Tether FUD, following the statement by Federal Reserve Chairman Jerome Powell, who said that next year the US central bank intends to reduce its cautious activity rather than expand it. This year, Bitcoin's rise was driven by several Federal Reserve interest rate cuts, which added an influx of liquidity to the market, allowing the world's largest cryptocurrency to rise first above $100,000 and then above $108,000.
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