Bitcoin jumped to a high USD6,960 today, representing the crypto’s highest value since 05-Sep-2018.
While Bitcoin is performing quite strongly, the same cannot be said for Tether, a major driver of the ‘stablecoin’ movement in the crypto world. The business model of Tether is that the token is ‘tethered’ to the USD, meaning it is theoretically backed 1:1 by USD held in a bank account that is available on demand. According to Coinmarketcap, it is the second most traded cryptocurrency in the market after Bitcoin.
However, Tether slid to an average price of USD0.94, before dipping to as low as USD0.90 on some exchanges. While Tether has not always held exactly 1:1, the drop has been much more sustained and has been widening, according to the Financial Times. The oddity has caused a slew of concerns around the legitimacy of Tether and the financial backing of the currency.
Stay updated here with how the cryptocurrency is tracking:
More Like this
- Bitcoin Watch – Weekend positive with 80% of top 20 currencies in the greenSeptember 24, 2018
- Bitcoin Watch – Winklevoss twins eye Europe in potential expansion of Gemini exchangeSeptember 25, 2018
- Bitcoin Watch: Crypto holds at USD6700 over the weekend, bulls still bullish on year-end forecastAugust 27, 2018
- Bitcoin Watch: Major cryptos mildly increase following heavy losses in past weeksAugust 13, 2018
- Bitcoin Watch: Bitcoin falls to USD6700 while SEC delays ETF proposalAugust 8, 2018
- Bitcoin Watch – Is the next bull run really coming?October 1, 2018
- Bitcoin Watch: Can Bitcoin turn the crypto market from bear to bull?August 17, 2018
- Bitcoin Watch – Google to reenable crypto advertising in the US, JapanSeptember 28, 2018
- Bitcoin Watch: Could Bitcoin be poised for a breakout? The GTI VERA Convergence Divergence Indicator thinks soAugust 24, 2018
- Bitcoin Watch: Crypto makes mild recovery, looks to hold above USD6500August 10, 2018
- Bitcoin Watch: Crypto remains range bound over the last week, volatility drops to 14 month lowAugust 21, 2018
- Bitcoin Watch: Bitcoin tests USD6500, most altcoins showing recoveryAugust 20, 2018