Tether Selloff Lifts Bitcoin Prices

Oct 16, 2018 at 1:28

After fears of touching below the $6,000 mark last week, Bitcoin has recovered today, even touching above the $7,000 mark in some markets.

The premiere cryptocurrency is now enjoying a 5.47 percent growth with a current value at $6,400.60 and a market cap of $115.4 billion.

Analysts noted that Bitcoin’s price improvement was triggered by the selloff in Tether which was the only top coin that suffered a price drop today. The stablecoin which is famous for having its value tied to the US Dollar has lost its steam as various negative news hounded it.

There are reports of alleged loss of market trust leading to a possible sell-off claiming that investors are losing faith because of the lack of transparency on Tether’s claims to be backed 1:1 by the US Dollar.

However, amid all the bad press, Binance clarified that it did not delist Tether (USDT) in its exchange.

Despite all the accusations, Tether remained silent on the issues.

On the other hand, Ethereum, XRP, Bitcoin Cash and EOS were all up at $200.12, $0.43, $477.33 and $5.22, a piece.

Likewise, Stellar, Litecoin, Cardano and Monero hiked at $0.22, $52.58, $0.07 and $101.17, respectively.