Hedge Fund Shorts Tether And UK Cracks Down On Crypto ATM Machines

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Bitcoin went into the weekend at a price of around $39k, with no clear direction and, just like stock markets, seemingly waiting for a ceasefire in Ukraine. A hedge fund on Wall Street seems to have found a way to shorten Tether and the UK closed its Bitcoin ATMs, the cryptoshere was not amused.

Shorting Tether and Chinese real estate

Although stablecoins are supposed to provide a sea of tranquility within the volatile crypto market, it seems like a Wall Street hedge fund has found a way to bet against the biggest stablecoin of them all, Tether. According to reporting from Bloomberg, Fir Tree management, a $4 billion dollar hedge fund, has been able to construct a formula to shorten Tether (which, for clarity, is tied to the US dollar). The company explained that is expects Tether to face difficulty because of the commercial paper it holds linked to Chinese real estate. Tether has not yet reacted to the news.

UK crackdown

The British financial regulator (or the Financial Conduct Authority (FCA) in full) is coming down hard on crypto after a rise of the popularity of digital currencies; Ensuring that British banks can keep their monopolies on the cash flow of the country, the FCA ordered the closure of all crypto ATM machines.

None of the crypto asset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them.

The FCA said.

💥BREAKING: #Bitcoin ATMs have been declared illegal and forced to shutdown in the UK.

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 11, 2022

We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.

Only some 81 cryptocurrency ATMs are at this moment are being operated in the UK.

Good to know that the UK hates fun and opportunity as much as we do here in the US. https://t.co/fxjoeWMOAi

— The Wolf Of All Streets (@scottmelker) March 11, 2022

The various ‘Bitcoin maxis’, supporters of the world’s biggest digital currency, were not amused at the news, with Scott Melker declaring:

Good to know that the UK hates fun and opportunity as much as we do here in the US.