After the Tether has encountered problems with security tokens, the price of Bitcoin in relation to the USDT has grown substantially in a short period of time. The growth of the main cryptocurrencies have followed the stop input of the Fiat on Bitfinex exchange. As a result, the difference in price between BTC Bitfinex and other exchanges exceeded $ 300.
Tether leaves the market
In just ten days, the capitalization of the Tether fell from 2.8 to 2 billion dollars. About $ 800 million holders of a token exchanged for other cryptocurrencies. While the majority of investors are willing to buy it for their USDT Bitcoin.
Most recently, BTC was trading at Bitfinex in the area of 6730 dollars, while Coinbase coin value did not exceed $ 6440. Analyst at Greenwich Associates Richard Johnson tried to explain this phenomenon.
As most of the traders on Bitfinex are holding Tether instead of the dollar, they must pay more for the cryptocurrency. In other words, holders Tether lost 5 percent of their cryptoperthite only because of the fall of the so-called “stablon”.
After the suspension of deposits in Fiat representatives Bitfinex questioned whether recent events a sign of the bankruptcy of the exchange. The leadership of the exchanger has not confirmed this information. The same view is held by co-founder and analyst CoinShedule Alex Michaelis.
I don’t think Bitfinex will disappear. We met with them last week and he made quite a different impression. I think now most traders just panicked and rapidly changing USDT BTC, pushing the price even lower stablon.
Recall that Tether in the last year has caused a lot of suspicion among cryptoendoliths. Partner at Autonomous Research Lex Sokolin said that the collapse of USDT will lead to a serious drop in Bitcoin and liquidity. Now USDT is the most popular steilcoom, second place behind him is TrueUSD with a market capitalization of $ 160 million.
Information prepared in NewsBTC.
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