How To Interpret The Tether (USDT) Price Drop

Bitfinex Reopens Deposits But Stays Silent About Bank Arrangements

On the other hand, Bitcoin (BTC) sells at $6,624 after surging by about 5% in the previous day. This led to the exchange halting all fiat deposits temporarily.

As reported by NewsBTC previously, crypto investors were in for a treat in the wee hours of Monday morning, as digital assets saw an unexpected influx (and a large one at that) of buying pressure, pushing Bitcoin above $7,000 for the first time in months.

Just hours after Cermak had consulted with his insider sources regarding Tether, The Block also revealed that Bitfinex, which goes hand-in-hand with Tether (USDT), had also established a new banking relationship, but this time, with a Hong Kong-centric financial institution. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform.

The price of Bitcoin have often been influenced by movements in stablecoin Tether (USDT). This forced the premium of cryptocurrencies up on crypto-only exchanges such as OKEx and Huobi.

Disclaimer: This is an opinionated article, and may not reflect the views of Blockmanity. Officials at Binance are reporting that traders have started to build interest in newly emerging stablecoins that have the support of banks and authorities.

The premium on Bitfinex indicates that Tether holders may be heading for the exit. Tether's stability helped it become a major part of global crypto ecosystem, with traders using it for about 20 percent of all virtual currency transactions tracked by CoinMarketCap.com - second only to Bitcoin. "Such price supporting activities are successful, as Bitcoin prices rise following the periods of intervention". Read: How Bitfinex, Tether are raising eyebrows in the cryptocurrency market The jump in bitcoin dragged smaller coins, known as altcoins, higher.

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According to Tether, the audit was canceled because Friedman LLP was taking too long, its procedures were too detailed, and it would be impossible to complete the audit in the desired timeframe.

Furthermore, professional trader and educator Tone Vays has gone live on YouTube to spend over 83 minutes talking about the Tether situation. Simultaneously, there is a genuine concern things may never return to normal for Tether's token.

At the same time, Tether's USDT/USD pair lost came crashing down below 0.95-fiat at the beginning of the Asian session. It is usually not now possible to buy alternative cryptocurrencies such as Tether directly using U.S. dollars.

This - combined with complications with withdrawals and deposits on the cryptocurrency's sister exchange, Bitfinex, plus rumors of banking issues - could provide an explanation for Tether's price drop.

"I hope some Tether person writes up an insider's description of what is happening behind the scenes right now as the peg fails".

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