Could Bitcoin Crash? Celsius Slaps Tether with $2 Billion Lawsuit Over BTC
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Bitcoin (BTC), the leading cryptocurrency, continued its bullish trend around the $61,353 mark, reaching an intra-day high of $61,462. Despite negative news about Celsius accusing Tether of “fraudulent” Bitcoin transfers exceeding $2 billion, this upward momentum continued.
Tether allegedly breached contract terms and hastily liquidated Bitcoin, which could have undermined investor confidence and pressured BTC prices.
$BTC KEY RESISTANCE $61,000.
Careful here. pic.twitter.com/D6a3LPmRlw
However, on a positive note, MicroStrategy’s plan to raise up to $2 billion to expand its Bitcoin holdings could mitigate the negative impact of the Celsius-Tether controversy.
With 226,500 BTC already in its portfolio, this move may enhance market confidence and drive further Bitcoin price increases.
Celsius Network has sued Tether, accusing it of fraud for transferring over $2 billion worth of Bitcoin questionably. Celsius alleges that Tether broke their agreement by quickly selling off Bitcoin which Celsius had used as collateral.
This hasty liquidation, according to Celsius, was done to unfairly benefit Tether as Celsius was nearing bankruptcy. They claim Tether sold 39,542.42 BTC at prices lower than market value, which caused them significant financial harm.
Celsius is now trying to recover these lost Bitcoin and is asking for damages for the breach of contract.
#Celsius Network Ltd. has filed a lawsuit against #Tether and its affiliated entities. The lawsuit alleges that the $USDT issued conducted “fraudulent” and “preferential” transfers of
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