Bitcoin Rallies To $7,500 On Bitfinex, Market Cap Up By $14 Bln

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Paul Hackley
BTC price rallied from $6,300 to $7,500 on Bitfinex in a matter of hours, possibly due to Tether (USDT) instability. Today Bitcoin price is up a huge $1,200 on Bitfinex
Bitcoin Rallies To $7,500 On Bitfinex, Market Cap Up By $14 Bln
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The Bitcoin price has rallied from $6,300 to $7,500 on Bitfinex in a matter of hours, possibly due to Tether (USDT) instability.

Today, due to major sell-offs of Tether (USDT), Bitcoin price is up a huge $1,200 on Bitfinex and is traded with a significant premium on cryptocurrency exchanges that have integrated USDT, such as OKEx and Huobi. The price of the dollar-pegged USDT has dropped to $0.94. The huge sell-off of the cryptocurrency is possibly a moving of the capital to Bitcoin amid talks of the Tether’s insolvency.

Meanwhile, the market capitalization has gained over $14 bln overnight. The price of Bitcoin on fiat-to-crypto exchanges has surpassed $6,700.

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About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.