Bitcoin Hits $7800 Per Coin Then Plunges a few Hours Later

Bitfinex Reopens Deposits But Stays Silent About Bank Arrangements

The panic yesterday caused Bitcoin to explode in price, jumping $600 or so on all exchanges with a premium on Bitfinex, where it jumped to as high as $7500 from $6200 in a very short amount of time. This led to the exchange halting all fiat deposits temporarily. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Tether using one of the aforementioned exchanges.

Many crypto-related firms have struggled to maintain banking relationships as regulators in the USA and elsewhere scrutinize the industry's exposure to risks including money laundering, market manipulation and security breaches.

FCoin, an up-and-coming cryptocurrency exchange, has taken the time to tell its users they should not worry about USDT's volatility, as the platform supports TrueUSD. However, if there's one thing we know for sure about the world of cryptocurrency, it's that things don't always go according to plan - a fact emphasized by Tether's sudden plunge in value over the last 24 hours.

Tether (CURRENCY:USDT) traded down 2.9% against the USA dollar during the 1-day period ending at 7:00 AM Eastern on October 15th. Tether and Bitfinex have dodged many bullets in the past.

While doing a little bit of position trading and buying, the scuttlebutt surrounding last nights price movements were related to rumors that Bitfinex was insolvent and that Binance was removing Tether (USDT). Shortly afterward, Bitfinex announced on its blog that it was partnering with the UK-based HSBC to replace Noble Bank.

Barcelona willing to meet Neymar's €220m release clause
Luis Suarez and Ivan Rakitic were also some of Neymar's close acquaintances and he still considers Barcelona as "his club". Barcelona have reportedly indicated that they are ready to secure a reunion with Neymar in the summer.

A little-known token may be fueling Bitcoin's rise.

The wannabe Tether alternatives are already gaining momentum. Ties between Friedman LLP and Tether were dissolved, only furthering the skepticism surrounding USDT.

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. Tether has gone down and analysts predict it will be back up again.

There is no official reason for the USDT price to defect from its $1 value, at least not if there are enough dollars in financial reserves to warrant the current circulating supply. During his time, he commented that the only reliable and honest exchanges are the ones like Bitstamp which aren't linked to Tether. It is usually not possible to purchase alternative cryptocurrencies such as Tether directly using USA dollars. Tether has a total market cap of $2.45 billion and $5.84 billion worth of Tether was traded on exchanges in the last 24 hours.

"While Tether has repeatedly said that its coins are fully backed by dollars, the company has yet to provide conclusive evidence of its holdings to the public", write Andrea Tan, Benjamin Robertson and Matthew Leising, answering the editorial question: "Why Are There Skeptics?".

Related:

Comments

Latest news

Pompeo stresses long-term strategic relationship with Saudi Arabia
Pompeo was criticized on social media for images from his meetings with Saudi officials that showed him smiling broadly. According to daily Yeni Şafak, Turkish forensics experts found "evidence of murder" at the consulate.

Congo confirms 33 Ebola cases in past week, 24 dies so far
The UN agency identified 39 new confirmed cases were reported between October 1 and October 11, 32 of which were from Beni. The Committee's advice will be made public on WHO's website and via a press conference (details below).

Facebook blamed for writers losing jobs due to inflated video-view metrics
At the time, large swaths of the complaint were blacked out, including the information forming the basis of the fraud allegations. However, by discarding shorter video views, the company also arrived at higher average watch times .

The View From Pluto: Cavs Sign Native Son to Long Term Deal
The exact details of the contract extension have yet to surface, but the deal is reportedly worth four-years for $44.8 million. Can he take a step forward? They're not even expecting us to make the playoffs.

Influential Facebook shareholders back proposal to remove Zuckerberg as chairman
Last week, Facebook said a major security breach it discovered late last month had impacted the accounts of 30 million users. In July, Facebook projected weaker-than-expected revenue growth and its shares have been battered more than 25% since then.

Trump widens Fed critique, calls it 'my biggest threat'
At that point, the policy rate would be at 3.4 percent, according to the median of Fed officials' individual forecasts. Trump was more specific Tuesday in his critique, pointing to low inflation numbers.

Kanye West records music in Uganda
We have to make MAGAzines [he laughs] ... "It would have been great if he had used his voice for the good of people in Africa". Kanye West and Kim Kardashian West gift the President of Uganda with a pair of signed white sneakers.

Royal fan makes Meghan Markle a necklace. THIS happens
A teenage girl cried tears of joy after being greeted by the prince , while Meghan was inundated by gifts and flower bouquets. Eagle-eyed fans spotted Meghan with her mobile phone out while in Melbourne - in a rare move for a senior royal.

NASA’s Chandra X-ray Observatory bounces back into action
Since launch , the spacecraft has provided a look at the remains of exploding stars and found black holes across the universe. Only the essential instruments it needs to survive are now working, but all of its scientific equipment are otherwise safe.

Recreational marijuana becomes legal in Canada
Canada is the second country in the world to legalize marijuana (behind Uruguay), but the laws do vary from province to province . MI and North Dakota are the only states this year deciding on the legalization of recreational marijuana this November election.

Vietnamese dissident Mother Mushroom freed, on way to US
Authorities in Vietnam have released dissident blogger Nguyen Ngoc Nhu Quynh, also known by the pseudonym "Mother Mushroom". Quynh received the International Women of Courage Award in 2017, presented to her in absentia by U.S.

Kristen Bell fears Snow White sends wrong message to kids about consent
Bell will be lending her vocal talents to Ralph Breaks The Internet on November 21, 2018. We messed around at the party, so we're just picking up where we left off".

Joe Biden drops a surprising comment about impeachment
The Turkish government believes that Khashoggi was killed on the orders of the Saudi government. Biden said his doubts about Saudi Crown Prince Mohammed Bin Salman have "been confirmed".

Burger King creates Halloween sandwich clinically proven to give you nightmares
Per USA Today , the incidence of nightmares increased 3.5 times over the normal rate, apparently due to various proteins. Happy Halloween! Burger King has unveiled its new Nightmare King burger, and it's interesting , to say the least.

Doctors Suspect Man Died Of Extremely Rare Disease After Eating Squirrel Brains
The shocking findings and tragic death were reported at an annual meeting on infectious diseases, Live Science reported . There are 350 cases of the non-variant disease per year on average in the United States, according to the NIH.

Other news