• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Tether Crashes, Bitcoin Rises

15/10/2018 09:46
No comments

Tether has fallen to its lowest level ever since it was invented in 2015, reaching $0.85 to the dollar around 7:50 AM this London morning.

Within a period of about one hour starting at around 6:30 AM London time, the dollar pegged token went from $0.96 to circa $0.85.

It stayed there for about ten minutes, then slightly recovered to $0.9, with it currently standing at circa $0.95 at the time of writing.

Tether’s price on 3 minutes candles, October 15 2018.

That has sent tether’s trading volumes up to now $4.5 billion, more than doubled since yesterday’s $1.9 billion.

It has also sent Bitfinex scraping for an answer to reassure markets which may be on the verge of losing confidence in tether. Bitfinex said:

“We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16, 2018, to allow for the efficient processing of fiat deposits. Until then, we apologise for the inconvenience of the situation.”

Bold promise amidst an exodus of sorts as people are getting out of Bitfinex, withdrawing thousands of bitcoins:

With fiat withdrawal complaints mounting and tether losing its peg, it looks like cryptonians on Bitfinex are buying bitcoin, eth, and anything they can get their hands on, to get out.

That has sent bitcoin’s price to a premium of $1,000 at one point, the highest ever since a Bitfinex hack of hundreds of millions worth of crypto in 2017.

Huge premium on Bitfinex, October 2018.

The gap has now seemingly closed somewhat, but Bitfinex still stands at a $400 premium at the time of writing.

One bitcoin at Bitfinex and USDT Binance is at circa $6,800, while on Coinbase it stands at $6,400, with trading volumes spiking to $6 billion for BTC, doubling since yesterday’s $3 billion.

Bitcoin’s price, October 2018.

As both tether’s and bitcoin’s trading volumes have doubled, it is probable people are exchanging USDT for bitcoin and other cryptos as tether falls.

That’s probably because clearly so far Bitfinex has been unable to keep the peg, primarily because they can not move fiat as a stealthily secured bank account was seemingly closed.

Now they’re promising fiat deposits will start functioning tomorrow, but many are wondering whether that would be just a three months brief respite after what may be another stealthily secured bank account which might again be closed and send all full circle.

Something we do not know, yet apparently what we are learning is that a tether implosion would be good for bitcoin as everyone would get out of USDT and buy BTC. Adding buying pressure to cryptocurrencies.

Copyrights Trustnodes.com

 

Related Posts

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

Nationwide Restricts Payments to Binance

Bitcoin Struggles to Keep $24,000

Load More
  • Trending
  • Comments
  • Latest
Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

HSBC's HQ at Canary Wharf in London

HSBC Looks to Expand to Crypto

Fed's balance sheet, Jan 2023

Fed Burns Half a Trillion

Investors cash levels reach all time high, Jan 2023

Investors Are Sitting on $5 Trillion

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

A Nationwide bank branch

Nationwide Restricts Payments to Binance

BTC/USD, Feb 2023

Bitcoin Struggles to Keep $24,000

Comments

Latest News

  • MicroStrategy Increased Bitcoin Holdings
  • BlackRock ETF Tokenized on Uniswap
  • Nationwide Restricts Payments to Binance

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?