Bitfinex and Tether on the brink of Implosion?

Tether has had a very bad couple of weeks and now it may be on the brink of implosion. Bitfinex, I think, is in a safer spot but I would still try to find other exchanges like Binance or Coinbase pro to trade at. Tether has fallen to 97-98 cents since yesterday from $1 and while that may not sound like much for a crypto, remember that this is a stablecoin that is supposed to be tied to the USD and therefore such a movement represents a big loss in confidence on the part of investors in Tether. On top of that, $300 million in Tether has been whisked out of circulation lately and Binance has suspended deposits and withdraws of Tether showing further uncertainty for the future of the coin. OkEx has also launched four stablecoins on the same day to replace Tether as competition is circling the troubled stablecoin. Since Tether is connected to Bitfinex, this may spell trouble for Bitfinex as well. Overall, I would stay clear of both Tether and Bitfinex for the time being until the waters get less murky.

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