Markets react to Bitfinex statement, relative normality returns

15 Oct, 2018
by Will Heasman
Markets react to Bitfinex statement, relative normality returns

Its been a tumultuous time for the crypto market today, an accumulation of FUD surrounding the alleged insolvency of Bitfinex and its resident stablecoin, Tether, amounted into a mass sell-off of the so-called stablecoin, and a subsequent pump of Bitcoin (BTC).

Now, it seems, the dust has settled and markets are back to normality (whatever that is). It appears that this calm occurred in conjunction with a statement from Bitfinex addressing their recent suspension upon fiat deposits.

Shortly after this, the USDT/USD markets reached equilibrium once again.

For now, things are back to normal, and that, of course, includes the normal skepticism surrounding Tether…

The question of an official audit was once again raised:

One user also brought up the issue of volatility:

Interestingly (and rather ironically) a recent report showed that crypto, specifically BTC, had reached a level of maturity only seen in traditional markets such as bonds, oil, and the dollar. Researchers monitored BTC price movement for the last 6 years stating that it met “all the important criteria of financial maturity”.

Read more: What's going on with Tether? Trading as low as $0,86, 'a lot of volatility ahead'; Bitfinex statement in the midst of Tether storm: fiat deposits open in 24 hours; New research says crypto is as stable as dollar, bond and oil markets

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Is Tether going to survive this?

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