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.
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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 officialreason 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?".
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