Home / Crypto News / As Tether's peg goes off, the Bitcoin soared and it is caused by the Bitfinex payment stopping disturbanc

As Tether's peg goes off, the Bitcoin soared and it is caused by the Bitfinex payment stopping disturbanc

As Tether's peg goes off, the bit coin soared and it is caused by the Bitfinex payment stopping disturbanc

From 14:20 on JST 15 (Japan time) to around 16 o’clock, the price of Bitcoin (BTC) rose sharply by about 650 dollars .

Meanwhile, in roughly the same time zone, the stable coin · tether (Tether) peg which keeps the price per dollar is always off, and it fell to 0.945 dollars (from CoinMarketCap) at peak time.

The price of BTC rose to around $ 6,600 for Bitfinex, which ranks second in terms of trading volume in the same currency, whereas the price of BTC rose from around $ 6,600 to about $ 6,650 at most exchanges.

As Tether's peg goes off, the bit coin soared and it is caused by the Bitfinex payment stopping disturbanc
From Bitfinex’ed Twitter

Bitfinex has suspended payment to some customers from the 11th of this month and announced that the BTC price soared in the exchange and at the same time stopping deposits is a process to implement a stronger payment system . The exchange said it will cancel the payment stop by 16th this month .

Various guesses have been made about the causes of the surge in BTC and tether descent, and the following two are considered to be particularly powerful.

  1. Tether’s sale and the purchase of BTC and other currencies sharply as tethered peg collapsed at Bitfinex where trouble with partner banks was rumored.
  2. BTC – USDT Market operation theory . John Griffin According to a survey by Professor Texas in the United States, there is a pattern to correct the BTC price through mass sales of the tether as the price of BTC decreases by a certain amount.

Although it is not decisive whether Mr. Griffin’s research results targeting March 2005 to March 2006 is currently decisive, Bitfinex, which generated premium (add-on price) of nearly 1,000 dollars as compared with other exchanges It seems that the possibility that the BTC buying rush of BTC has a big influence on price fluctuation of BTC · tether 2 currency is very high.

Bitfinex announces that all US dollar pairs on the exchange are using Fiat ‘s USD and that user assets are Fiat USD unless otherwise specified in USDT.

The current BTC / USD price at the exchange is still $ 6,950 (20:30 Japan time) which is about 200 to 300 dollars higher than other exchanges.

Article Source:

  • Bitfinex Releases Statement on Fiat Deposits After Panic Causes Bitcoin-Tether Premium to Hit All-Time-High
  • Tether Crashes, Bitcoin Rises
  • Tether Forces Bitcoin to Achieve $ 7,500, Crypto Market Adds $ 20 Billion

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/bitcoin-surges-as-tether-peg-breaks/

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