Chronicles of a dive stablein: bitcoin rises amid falling USDT (updated)
The morning of October 15 began with a vigorous growth of bitcoin — +7,65% per day, to levels above $6800, — and with it the first twenty coins. Distracting from the overall background only Tether, the fall of which greatly ensured the growth of other cryptocurrencies.
A number of concerns about the Tether naturally moved into the quality — if on Friday bitcoin trading on exchanges with Tether premium in the range of $60-100, then on Sunday night there was a real collapse of the most controversial of tablconv.
On Bitfinex, confirmed at the end of the week, the difficulties with the replenishment of accounts in Fiat, cryptomonad No. 1 took a walk even at $7700, however, for a long time did not stay there. However, the gap between Bitfinex from the other exchanges is increasing — according to Research BitMEX, bitcoin is now trading at Bitfinex with a premium to Bitstamp rate at 11%.
Not far behind and other cryptocurrencies. “The spread on the airwaves between Bitfinex and Coinbase — 10% — said cryptotriton and former banker Alex Kruger. — USDT fell to $0,94, which pushes up courses of other cryptocurrencies”.
Interesting situation on the stock exchanges, where other stabilini in addition to the USDT. So, on Binance USDT is trading at a discount to PAX and TUSD, the rate is $0,96-0,97.
“For those who says it’s okay: no, it is not. And Yes, the reasons for concern,” said a senior analyst at the Block Larry Sermak, commenting on this momentum.
In General, over the last 24 hours, according to Coinmarketcap, the exchange rate USDT fell 2.7% to $0,96. While trading volume jumped to $3.8 billion with a market cap of $2.4 billion, which gives rise to the haters Tether, which is enough to talk about panic sales. Edition Hash#Telegraph continues to monitor developments.