Tether (USDT) Unravels as Bitfinex Bitcoin (BTC) Premium Shoots through the Roof

Within about an hour on Monday, the Bitfinex trading premium on Bitcoin (BTC) went through the roof, soaring from around $138 to as high as $700. This is seen as the launch of a catastrophic or at least anomalous event for Bitcoin trading since the price on Bitfinex reflects the fact that Tether (USDT) has effectively broken its dollar peg. As of 06:35 UTC, BTC continued to shoot upward on Bitfinex, going as high as $7,045, with no end in sight. Later, prices moved up to $7,280.

https://twitter.com/Bitfinexed/status/1051716235254267905

With such an event, the disastrous predictions of Tether skeptics are starting to make more sense. Over the past weeks, the slow buildup of negative developments for Bitfinex and Tether led to a sudden break in the peg:

https://twitter.com/Bitfinexed/status/10517…

This article appeared first on Cryptovest

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