Bitcoin Today: Tether falls and kick BTC upwards
Price
After lateral weekends in a narrow range bitcoin shooked markets on Monday, spiking close to the 7800 mark on Bitfinex during an hour. Now the price already has returned a halfway down and, at the moment, trading around the 100-days EMA and 6800 level. Opinions agree that the main reasons for the spike are troubles with Tether and people trying to drop-off the USDT, changing it on main cryptocurrencies BTC, ETH and alternative stablecoins. So, the main hit was from the exchanges, which operates with USDT; Bitfinex was hit the worst as Bitfinex is reportedly operating Tether LLC. All other work was made by trading bots. The situation looks fragile because Tether stays the main entry point for the cryptomarkets, despite the recent fashion to release stable coins by other exchanges, USDT stays the main cryptocurrency dollar for now. And problems with USDT will definitely affect bitcoin price in a bad way. Hence, we recommend staying away from bullish decisions during the nearest days. From the technical point of view, a hold on above 6800 would give a bullish polish to the new pattern, nonetheless, we do not see possibilities for a big bullish run right now.
Today forecast
Today most probable trading diapason: 6600 - 7000. High downward risk.
Latest news
After lateral weekends in a narrow range bitcoin shooked markets on Monday, spiking close to the 7800 mark on Bitfinex during an hour. Now the price already has returned a halfway down and, at the moment, trading around the 100-days EMA and 6800 level. Opinions agree that the main reasons for the spike are troubles with Tether and people trying to drop-off the USDT, changing it on main cryptocurrencies BTC, ETH and alternative stablecoins. So, the main hit was from the exchanges, which operates with USDT; Bitfinex was hit the worst as Bitfinex is reportedly operating Tether LLC. All other work was made by trading bots. The situation looks fragile because Tether stays the main entry point for the cryptomarkets, despite the recent fashion to release stable coins by other exchanges, USDT stays the main cryptocurrency dollar for now. And problems with USDT will definitely affect bitcoin price in a bad way. Hence, we recommend staying away from bullish decisions during the nearest days. From the technical point of view, a hold on above 6800 would give a bullish polish to the new pattern, nonetheless, we do not see possibilities for a big bullish run right now.
Today forecast
Today most probable trading diapason: 6600 - 7000. High downward risk.
Latest news
- Citations of the main opinions regarding the recent spike
“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.” – CCN
“The only reason Bitcoin is rising on USD exchanges is because of bots programmed to follow Bitfinex. Eventually these bots will be shut off.” - Bitfinexed
“Market analysts believe the massive Tether (USDT) selloff has sparked a "run on the bank" - and this might be the reason why the BTC price has surged so rapidly as the market’s nervousness about Tether has sparked a panic, with traders buying BTC, altcoins and other stablecoin alternatives for USDT.” – Cryptoglobe
“Tether is closely tied to BitFinex, a global crypto exchange which lately has dropped Noble Bank as its banking partner. The amount of US dollars required to back the Tether’s USDT token supply were reportedly deposited in the same bank, which caused the stablecoin temporary hassles. Later, reports started to surface that Tether had no money to back its total supply, with many of them calling the stablecoin project a scam. They also found a strong connection between the chiefs of BitFinex, Tether and Noble Bank, especially at the time when the Noble bank became a strong point of concern for the Puerto Rican regulators. Reportedly, the authorities issued a warning to the firm, the details of which couldn’t make to the press.” - CCN
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