Tether Problems Cause Market Rise
After a period of laterality suddenly bitcoin entered a rally of more than 12% rise easily exceeding 7,000 dollars from 6,200, a rise that all points to the responsibility is everything that is happening with bitfinex and tether , the number one currency among the stablecoins and whose purpose is always to be a dollar, which allows investors to freeze their currencies inside the crypto market and thus avoid paying high commissions, what happened with tether is that had a decline of more than 5% and this made the market hit a bullish bounce leading to the bitcoin to $ 7500 and more than $ 20 trillion in the market and leaving the total capitalization over $ 210 trillion.
However despite this the volume is reaching annual minimums, and what could be happening is that people who have tether have panicked and do not trust this stablecoin that has reached a value of 0.92 dollars in recent days, they are going to bitcoin or other altcoins, which makes prices go up although it can be seen as a false rise because it is a rise that occurs from people going from tether to those cryptocurrencies, which makes them rise but after they will change to dollars or other stablecoins such as TrueUSD (TUSD).
The consequences of the tether collapsing would have an effect on a maximum rise in prices while people move to the other currencies and then while leaving a large decline, there is much mistrust at this time the market because there is a lot of money put in tether, there is a rumor that bitfinex has removed the banking license which would prevent it from operating with fiat, in fact a few days ago bitfinex suspended the fiat deposits hoping to resume them in a week, which is suspected that this is not of a technical problem and that the truth is that they have removed the license and are looking to get another to stay, it is not known if this is true or a rumor, so we must be on the lookout in the coming days.
There are some who see here the catalyst that leads us to that definitive drop of 87% that occurred in 2014 and that could occur in 2018 due to bitfinex and tether, after having risen as high as 7,000 dollars and after having down to $ 6,600, you have to see how the market behaves, if you see sales spikes and recoveries down again and because not a big drop that finally breaks the line of 6,000 dollars, by the time the market is green We will see in the next hours how it behaves.
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big chance for tusd now to overtake the usdt? many traders left the usdt now, then tusd got listed on okex, huobi, ddex and this kucoin caught my they have 99% trading fee discount. but i don't think if it is worth.
TUSD got listed again on this exchange! https://news.kucoin.com/en/kucoin-will-add-trueusd-tusd-market/