Tether and Bitfinex subpoenaed by the CFTC as Bitcoin drops below $10K

The price of Bitcoin plummeted below $10,000 Tuesday morning as news broke that The U.S. Commodity Futures Trading Commission had subpoenaed Tether and Bitfinex, a so-called stablecoin cryptocurrency and one of the world's largest cryptocurrency exchanges, respectively. 

First reported by Bloomberg, news of last week's subpoenas follows allegations from critics of Tether that the digital currency may not in fact be backed on a one-to-one basis with U.S. dollars as its founders claim. 

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