Meanwhile BTC is racing towards a new all time high, I simply can't wrap my head around this. What on earth is going on? Does anyone have a clue? I'm genuinely interested.
The unlicensed offshore exchanges that use Tether to avoid USA banking regulation and AML/KYC don't let you cash out real money. You have to buy crypto and hope that they let you transfer it out before their real asset reserves run out. Now that people have the data that Tether has <5% in cash reserves it's a race to get converted into BTC etc and get it out before the insolvency stops everything.
