Technical analyst and crypto merchant Aurelius, the most widely used in the crypto-money exchange market, the price of Tether’un (USDT) declined in the last 24 hours of the price announced.
The fact that Tether’s price has fallen by about 1 percent has provided a bonus to USDT crypto transactions, especially in the USDT-to-Bitcoin transactions.
1-day price chart of USDT
As a stabiloin supported by the US dollar, the value of USDT should be traded at a level of $ 1. Tether LLC operating USDME is said to have $ 2.8 billion in a Puerto Rico-based bank account, according to BitMEX Research. Therefore, if the price of Tether falls, it could possibly lead to instability in the market due to sales in large crypto exchanges.
1% Spread Between Bitfinex and Coinbase, Can it Impact Bitcoin?
On October 3, cryptocurrency trader and well-known analyst Alex Kruger, Bitfinex and Coinbase, said that the difference between USDT-supported exchange and fiat swap (US dollar) rose to 1 percent. As Tether’s price declined to $ 0.99 per day at a low point, buying crypto money with Tether in crypto-currency trading platforms was about 1 percent more expensive. Currently there is a 1% spread between Bitfinex and Coinbase. Yesterday was around 0.75%.
Kruger is usually around zero. The only logical explanation for the decline in the Tether price over the past 12 hours is the sale of USDT by major investors. As large USDT owners continued to sell fixed pipes, the price fell and led to a premium for the USDT-crypto pairs. Considering that USDT and crypto coins such as Bitcoin and Ethereum are more expensive than the US dollar, it can be argued that traders have sold USDT to crypto money investments. After falling to $ 6,440 a week, Bitcoin was trading above $ 6,500, while the Tether price fell by 1 percent. When we look at the valuation of the crypto market, it increased by $ 4 billion from 212 billion to 214 billion dollars in the last 12 hours.
1-day price chart of Bitcoin
Bitcoin, which has been on a steady upward trend since August 14, had touched 7,100 a few days ago but failed to break the resistance to 6,800. Today, the leader of the crypto currency, which has risen again today, TSI touched over 7,250 with a stiff move around 18.00. Bitcoin had last seen this level on 4 August. After the rise in Bitcoin, the altcoins also increased significantly. Ethereum, Bitcoin, double the rate of Bitcoin Cash 13 percent, Litecoin 9 percent, Monero 13 percent and Dash increased 17 percent. The first 100 crypto money in the first place was the DOGE.
DOGE, which has been on the rise for a few days, increased 65 percent in the last 24 hours. After DOGE, Reddcoin is 43 percent and Siacoin is another 30 percent. The capitalization of the crypto money market saw over $ 236 billion. The 24-hour trading volume was $ 14 billion, while the market share of Bitcoin was 52.3 percent. According to Bitfinex data, Bitcoin is currently changing hands at $ 7,170. This rise in Bitcoin may be linked to USDTs released yesterday. Yesterday evening, Tether created $ 40 million USDT and sent them to Bitfinex.