It's a great day for risk assets but crypto is struggling, in a turn of correlations. That's mostly about the struggles at Silvergate and potential contagion if it collapses but the WSJ is piling on late in the week with a stroy about Tether intermediaries using fake invoices, false documents and shell companies.

To some extent, the US has been going after Tether for 8 years and hasn't found a smoking gun. If there was a skeleton in the closet, they would have found it by now.

In any case, the company has quickly issued denials saying the story is "wholly inaccurate and misleading".