Bitcoin, Crypto currency, Blockchain

Tether drops rapidly, the Bitcoin price is rising – How stable is the Stable Coin?

ce55ccb164cc542a79a30c1742f7ab7d - Tether drops rapidly, the Bitcoin price is rising – How stable is the Stable Coin?

The price of Bitcoin is currently 6,650 thousand dollars. The “Stable-Coin” Tether is currently at 0.93 US dollars. Thus, Tether lost within 24 hours (as of 15. October 10:30) less than five percent of its value. And the map even though he is in favour of the US Dollar. This instability casts a shadow on the alleged publisher.

To speak of the current situation around Bitcoin, Tether and Bitfinex suspicion, acts slowly is an understatement. A quick reminder: Bitfinex is the publisher of Tether (USDT). This is a Stable Coin. This means that he is to the US Dollar one-to-one mapping – a Tether is a US Dollar value. For each of the stablecoins a US-Dollar deposited. Now the rumors are that Bitfinex is broke. Add to this that one of the banks, which (among other things) that Bitfinex is supplied with Fiat money, also broke. (Read here and here).

On Bitfinex, the Bitcoin price is endowed at the moment 6,900 US dollars. In the case of Coinbase, Bitstamp, and Kraken, he is in the cutting in 6.650 dollars. That’s a difference of 250 dollars. This difference in Bitcoin price is due to the fact that currently there are, apparently, many of the Stable Coins to be sold.

Explanation: If you want to sell on Bitfinex his Tether (for example, because the Bank or stock exchange that stands behind it, is broke), changes to Bitcoin at the best – this has the highest liquidity and tradability. Thus, the demand for BTC (Bitcoin rises-price rises) and the demand for the Tether falls (rate falls).

Bitcoin-rate Ripple-course, Ethereum-rate rise, while Tether descent

The Bitcoin price has risen in the last 24 hours by five percent to 6,650 thousand dollars. Within the last month, he is a Plus of two percent, in the 7-day course is less than 1.5 percent. This means that the price is moving slowly on the resistance brand of 6,800 dollars.

However, with the other candidate in the Top 3, it looks a bit better than in the last few weeks. So Ethereum has increased in the last 24 hours to nearly six percent and is currently at 213 US dollars. Also Ripples XRP could continue to rise in the last 24 hours. Here it is almost 8 percent, which brings the Ripple price (XRP) to 0.46 US-Dollar.

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