UNUS SED LEO Token Crashes Below $1: Analysis

UNUS SED LEO token is a curiosity in the crypto space which spawned after the initial exchange offering by Bitfinex that ran until June 10. According to the claims of Bitfinex, the exchange raised $1 billion from the private placements and the IEO in effect offset the $900 million debt to Tether as per the coming altcoin news.

Bitfinex, on its side, resorted to taking out a loan from the controversial Tether Company when it lost more than $850 million due to an ongoing investigation against CryptoCapital. The role of the UNUS SED LEO token was to add new liquidity to the exchange while offsetting the locked funds. With a price under $1, Bitfinex’s native token looks much less confident. The asset managed to keep a level at $1.04 even as all of the altcoins were logging double-digit losses in a recent sell-off. This behavior led to the suggestion that the LEO price was manipulated to keep within certain boundaries.

There is also a lot less interest in the LEO token and trading despite Bitfinex opening up the LEO markets to smaller traders and to lower down the participation barriers. LEO dropped to $0.96 on volumes of just $9.94 million and the altcoin saw its volume pick up in October though not enough to become highly attractive.

The last price drop arrived just a few days after Bitfinex stated after the ‘mercenary and meritless’ lawsuit against the iFinex company and Tether Inc. The two companies are related in their finances and felt under attack by the paper claiming that they colluded to manipulate the price of Bitcoin. LEO arrived at a time when the volumes on Bitfinex for BTC were small despite having the largest share of BTC trading in the past.

Soon after, Bitcoin’s price would almost always result in a rally as the blockchain news reporting.  Despite the observations, there has been no official investigation in the BTC price behavior and the influence of USDT. The stablecoin is still trying to keep up with the dollar peg and it is now widely used on exchanges. UNUS SED LEO price analysis shows that the cryptocurrency is shifting along with the price movements so it will be interesting to see how it turns out in the near-term future.