Bitcoin Explodes to $7,500 as Tether Loses USD Peg

Bitcoin price surged 9 percent within hours as Tether started losing its grip on the USD-peg. The BTC/USD pair closed yesterday on a modest 2 percent gain in pennant formation action following the recent drop. Nevertheless, the couple started picking momentum during the early Asian trading session and jumped to as high as 7800-fiat from its previous low near 6300-fiat. At the same time, Tether’s USDT/USD pair lost came crashing down below 0.95-fiat at the beginning of the Asian session. It eventually formed lower lows towards 0.85-fiat, before correcting higher…

Bitcoin Surges to $7,500 on Bitfinex as Tether Implodes, Real Price $6,700

The price of Bitcoin has surged from $6,300 to $7,500 on Bitfinex, a major cryptocurrency exchange that reportedly operates Tether LLC, a firm that oversees the development of stablecoin Tether (USDT). Bitcoin is being traded with a significant premium on exchanges that have integrated USDT such as OKEx and Huobi, because traders have initiated the biggest sell-off of USDT to date. The sudden dump of USDT led the price of the stablecoin to drop to $0.94, by around 6 percent from its peg at $1. The drop in the value…

China Threatens Overseas Tax Havens, Will Investors Flock to Crypto

Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto. Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard millions of dollars worth of properties, assets, and cash outside of mainland China. But, local financial authorities have started to crackdown on investors that amass significant wealth in overseas markets. Will Investors Move to Crypto?…

Bitcoin Volume Approaching Yearly Low Once Again, Market Bear Biased

Earlier today, on October 14, the price of Bitcoin experienced an abrupt increase from $6,300 to $6,410 within minutes. The unexpected rise in the Bitcoin price led traders to be optimistic about the short-term trend of the crypto market, as analysts previously stated that for the dominant cryptocurrency to demonstrate signs of recovery, it will need to first rebound to the range of $6,350 to $6,400. However, in the past 12 hours, the price of Bitcoin fell back to $6,300, falling below the $6,300 mark to around $6,220. Tether-Enabled Exchanges…

What’s Causing 2% Bitcoin Premium on Bitfinex? Possibility of Arbitrage

On Bitfinex, a leading cryptocurrency exchange, Bitcoin is being traded with a 2 percent premium based on the current price of $6,285. As BitMEX Research revealed, the premium of Bitcoin on Bitfinex continued to increase throughout the past week, during a period in which Tether (USDT) started to demonstrate a decline in price. Currently, on Bitfinex, all traders are requested to purchase or sell major cryptocurrencies like Bitcoin and Ethereum with USDT, due to the suspension of deposits into the exchange’s HSBC banking account. As the price of USDT fell…

Tron, Augur Surge 5% Ahead of Upgrades, $5,800 Imminent For Bitcoin?

While Bitcoin (BTC) remains bear biased, Tron (TRX) and Augur (REP) recorded solid 5 percent gains against both BTC and the US dollar. The volume of Bitcoin has failed to recover from the low $3 billion region, down more than 30 percent since late September. Subsequent to falling by around 4 percent from $6,600 to $6,250 within minutes, Bitcoin has struggled to initiate a speedy recovery. $5,800 is Possible Support Throughout the past nine months, even after massive sell-offs, BTC has been able to defend the $6,000 support level relatively…

Cryptocurrency Market Sentiment is Looking up: Huobi Research

Bitcoin’s recent sell-off notwithstanding, cryptocurrency investors are beginning to grow more optimistic about the market’s short-term direction. That’s according to the latest Market Sentiment Index Report from Huobi Research, which identified a slight uptick in investor optimism over the previous month. Released on Friday, the September report is based on from survey data compiled from Sept. 25 to Sept. 30 from 552 retail and institutional investors in 23 countries. Overall market sentiment clocked in at 71.1 points out of a maximum of 100, representing a 2.17 percent increase over August.…

BTC/USD in Weak Upside Correction

The Bitcoin-to-USD exchange rate has posted slight gains in the Friday session. Currently, the pair is trading above 6300-fiat, up +1.55 percent on the day. The weak upside correction comes after the mainstream stocks underperformed second-day in a row. Nevertheless, the lower market volatility suggests that the Bitcoin correction is only a minor adjustment in price within an overall downtrend. The weekend break in the mainstream market could allow some speculators to switch to crypto’s 24/7 open bazaar, and improve intraday volume. BTC/USD Technical Analysis The prevailing bearish bias indicates…

Bitcoin Futures Helped Market Reach ‘Sustainable Level’: CFTC Chief

When derivatives exchanges CBOE and CME launched the first regulated U.S. bitcoin futures contracts, many cryptocurrency bulls thought that this event would lead to a wave of institutional investment and propel the market toward even greater highs. Just days later, the yearlong bitcoin price rally stalled, and the flagship cryptocurrency — followed soon after by the wider market — entered a decline that has continued throughout 2018. According to researchers at the San Francisco branch of the Federal Reserve, the bitcoin futures launch triggered the decline, as it provided institutional…

Crypto Market Erases $16 Billion in 24 Hours, Can Bitcoin Rebound?

Within a period of 24 hours, from October 11 to 12, the valuation of the crypto market has declined from $217 billion to $201 billion. The 7 percent decline in the valuation of the crypto market was triggered by a sudden drop in the price of Bitcoin from $6,600 to $6,250. The 5 percent decrease in the value of Bitcoin, which occurred in less than 30 minutes, was somewhat expected by traders who were concerned by the declining volume of the dominant cryptocurrency. How Can the Market Recover? Earlier this…