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.