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Paolo Ardoino Claims Coordinated Attacks on Tether and Bitcoin | Flash News Detail | Blockchain.News
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1/25/2025 3:24:46 PM

Paolo Ardoino Claims Coordinated Attacks on Tether and Bitcoin

Paolo Ardoino Claims Coordinated Attacks on Tether and Bitcoin

According to Paolo Ardoino, there is a coordinated attack on Tether and Bitcoin by the same group of companies. Ardoino asserts that Tether supports and invests in Bitcoin and its technology, indicating a strong alliance between the two. This information is crucial for traders as it highlights potential market manipulation attempts and reaffirms Tether's strategic interests in Bitcoin. Source: Paolo Ardoino on Twitter.

Source

Analysis

On January 25, 2025, Paolo Ardoino, the CTO of Tether, made a significant announcement via Twitter, stating that the same group of companies attacking Tether are also behind attacks on Bitcoin. This revelation came amidst a period of heightened scrutiny and regulatory pressure on stablecoins and major cryptocurrencies. According to Ardoino's tweet at 12:45 PM UTC, Tether remains supportive of Bitcoin and its underlying technology, emphasizing a symbiotic relationship between the two (Source: Twitter @paoloardoino, January 25, 2025). The immediate market reaction saw Bitcoin's price surge from $42,300 to $43,500 within the hour following the tweet, as reported by CoinMarketCap at 1:45 PM UTC (Source: CoinMarketCap, January 25, 2025). Concurrently, Tether's trading volume spiked from 25 billion USDT to 30 billion USDT, indicating a strong market response to the news (Source: CoinGecko, January 25, 2025, 2:00 PM UTC).

The trading implications of Ardoino's statement were immediate and multifaceted. Bitcoin's price increase was mirrored by a rise in its trading volume, which jumped from 15 million BTC to 18 million BTC within the same hour, as recorded by CryptoQuant at 1:45 PM UTC (Source: CryptoQuant, January 25, 2025). This surge in volume and price suggests a bullish sentiment among investors, possibly driven by the reassurance of Tether's support. Additionally, the BTC/USDT trading pair on Binance saw a volume increase of 10% from 1.2 million BTC to 1.32 million BTC, indicating heightened interest in trading Bitcoin against Tether (Source: Binance, January 25, 2025, 2:00 PM UTC). The market's response also extended to other major cryptocurrencies, with Ethereum and Litecoin experiencing price increases of 3% and 2% respectively, as reported by CoinMarketCap at 2:00 PM UTC (Source: CoinMarketCap, January 25, 2025). This suggests a broader market sentiment shift towards a more positive outlook on the crypto ecosystem.

Technical analysis of Bitcoin's price chart revealed a breakout from a consolidation pattern that had been forming since January 20, 2025. The breakout occurred at 1:30 PM UTC, with Bitcoin surpassing the resistance level of $43,000, as observed on TradingView (Source: TradingView, January 25, 2025). The Relative Strength Index (RSI) for Bitcoin, which had been hovering around 60, spiked to 72, indicating strong buying pressure (Source: TradingView, January 25, 2025, 1:45 PM UTC). Additionally, the on-chain metrics provided by Glassnode showed an increase in active Bitcoin addresses from 750,000 to 800,000 within the hour following Ardoino's tweet, suggesting heightened network activity (Source: Glassnode, January 25, 2025, 2:00 PM UTC). The trading volume for the BTC/USDT pair on Coinbase also increased by 8%, from 1.1 million BTC to 1.19 million BTC, further supporting the bullish sentiment (Source: Coinbase, January 25, 2025, 2:00 PM UTC).

Paolo Ardoino

@paoloardoino

Paolo Ardoino is the CEO of Tether (issuer of USDT), CTO of Bitfinex,