Bitcoin's Near-Term Tether Risk: Neutral Rating

Bitcoin has had a massive run. Some of that buying was sourced with Tether which is said to be a "stable-coin" backed by US dollars. However, regulators are hovering here and news has dripped out that Tether was not 100% backed by US dollars.

There is something huge going on here and there are a couple of near-term regulatory catalysts that could true up this story. If so, that would pull a massive amount of buying capability from the market which would likely affect Bitcoin and general crypto prices.

Due to this, we've moved to a Neutral Rating on Bitcoin and Grayscale (OTCMKTS: GBTC) looking for better entries lower.

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