Tether begins to freeze FTX USDT at the request of law enforcement

The transmitter of Attachedthe largest stablecoin in the cryptocurrency industry, is currently freezing until $46 million in USDT following the instructions of law enforcement. According whale alerta Twitter account dedicated to tracking large cryptocurrency transactions, the blacklisted/frozen address belongs to the FTX exchange.

The FTX exchange faced a liquidity crunch after rumors of insolvency triggered massive withdrawals. Attempts to save the exchange continue to run into walls, starting with Binance stock exchange that walked away from a deal to acquire the company.

Meanwhile, crypto prices have started to rally, with the price of Bitcoin rising above $17,000. Before BTC printed the current bullish candle, it tested the support at $15,544 as seen in the chart below.

The stochastic oscillator shows that the buyers are gradually gaining the upper hand. This indicator is useful for identifying overbought conditions (above 70.00) and oversold conditions (below 30.00).

Short-term long positions will be safe if the Stochastic maintains a move north. Buyers will trigger long-term buy positions if the indicator breaks back above the middle line and even closes the gap with the overbought region.

BTCUSD daily chart

Bitcoin price must close the day above $17,000 as traders will see confirmation of a sustained move towards highs above $20,000 – where BTC is likely to resume its push for $30,000.