Digital Currency Market Stabilizes as Tether Regains, Real BTC Price at $6,549

Irving Hamilton
October 18, 2018

"Tether's stablecoin dominance will only persist if they can settle community criticisms about their lack of transparency once and for all". However, at the moment of this writing, Tether (USDT) trades at $0.965, falling by about 2.5% over the last 24 hours.

Interestingly enough, there has been some speculation that the collapse of Tether would bring about a short-term bull market due to all the funds in USDT likely moving to BTC. But, taking into account the most sudden soar in the value of Bitcoin from $6,150 to $6,700 in just hours, a plunge was anticipated.

Critics have long argued that Tether is a scam - a claim bolstered by Tether's seeming refusal or inability to release an audit - that artificially inflates the price of bitcoin. Tether's market cap is on a steep fall over the last week, dropping from $2.7 billion to less than $2.2 billion at the press time. However, the price of another stablecoin - TrueUSD (TUSD) - increased by 8% to trade as high as $1.08 USD on Binance, suggesting that traders prefer regulated new stablecoins. Since then, Bitcoin went down again, now stabilizing in the $6,600 region.

Bitcoin (BTC) as a Safe Haven?

Neblio (NEBL) is trading at $1.95 against the dollar, a 4.03 percent change in the last 24 hours. The Bitcoin price for ICN now, is 0.00005579 BTC.

For the same reason, the top three cryptocurrencies - Bitcoin, Ethereum and Ripple - were up on average by 5%. The Bitcoin price for CAPP now, is 0.00000124 BTC.

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XRP (XRP) traded 7.5% higher against the dollar and now trades at $0.45 or 0.00006735 BTC. The Bitcoin price for EVN now, is 0.00000936 BTC. A Tether sell-off could propel other coins higher. It was created on 10th June, 2014.

As indicated by CryptoCompare.com: "USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol".

It doesn't take a whole lot of sleuthing for investors to figure out what's behind some of the recent Tether losses - news of an "unofficial audit" that gave the coin a thumbs-up failed to convince everyone that Tether is actually backed one-to-one by the US dollar like it's supposed to be.

However, the Bitfinex decision to pause fiat deposits triggered some reactions in traders who turned to Bitcoin (BTC) and other cryptocurrencies, concerning the Tether (USDT) reserves. Tether has been closely scrutinized in the past whether it actually holds enough US dollars in reserve to back its stablecoin. Fidelity to offer crypto services Fidelity Investments said Monday it had launched a new company that will offer crypto trading and security offerings to clients.

No. All major fiat-to-crypto exchanges including Coinbase and Kraken are now trading at around the $6,600 mark.

Once you get any sort of gain in Bitcoin, the FOMO (Fear Of Missing Out) takes over some traders.

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