Tether reaches 4th position as top cryptocurrency as the market cap drops to $200 billion after the bulls were not able to defend the new region and brought the price back to $7,230 during the early hours of today as we are reading in the Tether coin news.
Last week was really impressive for Bitcoin since it made a bullish reversal from the low of $6,750 to $7,800 in just two days. However, Bitcoin got down about 1.29 percent on the day and is now trading at $7,316 at the time of writing. The overall altcoin market is in a state of confusion as some cryptocurrencies recorded slight gains and others are doing poorly. For example, Ethereum (ETH) is up by 0.20 percent and is trading at $148 while XRP despite the listing on Japan’s biggest exchange, recorded losses of about 1.14 percent and is trading at $0.218.
Tether reaches the fourth position and it is still the most popular and widely used stablecoin which is a sign that the altcoins are in a bit of struggle as they lose their positions against the stablecoins and the market cap of which is only increased when tether launches new USDT coins. The total market cap is around $198 billion while Bitcoin’s market cap is $132 billion.
Some of the other gainers and losers on the market include Ebakus which is in the green zone today with a massive gain over the past 24 hours. The cryptocurrency started the trading session with a price above the $0.007200 region and is now trading at $0.031521 which gave the traders a remarkable 340 profit on the day. EBK has a market cap of $2,846,200 and a daily trading volume of $190,944.
Blockium is another one of the gainers on the market with an 84 percent profit on the day making it the second significant gainer over the past 24 hours. BOK is the native token of the Blockium token which is a project that describes itself as a unique P2P financial gamification platform for stocks and crypto traders. Fusion, on the other hand, lost more than 50 percent of its value in the past 24 hours and the token has been on a downtrend for the past week reaching a current price of $0.2.
Ex-Circle Head Believes Tether Didn’t Manipulate Bitcoin 2017 Rally
“The majority of net buying inflow was on Coinbase. And that was purely because Coinbase was the fastest and easiest way to get into the industry and buy Bitcoin, hands down.”Bitfinex has been hacked in the past and also doesn’t guarantee losses and was not appealing for the newcomers. This also led to a lower price of Bitcoin. With this in mind, Matuszweski described the movements as a daily scramble that sent every spare dollar to Bitfinex in order to buy Ether and Bitcoin. Onboarding was extremely easy because of the painless functionality to change the dollars to Tether. He continued:
“What came in from settlements and what’s not nailed down and spoken for? Right take all that money, boom, and shoot it over to Bitfinex as fast as you can. Because you wanted to get as much money there as you could. So you could buy Bitcoin and Ether primarily… and send them over to Coinbase, and then yank the money out of the door as quick as you can.”As such, the issuance of Tether blew up and spread the difference between Coinbase and Bitfinex but the issuance was symptomatic of what was going on with the price arbing. With the allegations that the bitcoin bull run was a result of market manipulation with the help of Tether, Matuszewski noted:
“I can tell you billions of dollars were sent in, like to make Tether, I can 100%, without question verifiably guarantee that happened. I did it, I was there… That money was not being hypothecated, it wasn’t just coming out of thin air.”
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Bitfinex Is Under New Legal Attack With Another Lawsuit Filed
“[…] All claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal option against those bringing and promoting baseless claims[…] These absurd and groundless accusations are an attack on the growth, success, and innovation of the entire digital token ecosystem, in which Bitfinex is proud to play a critical role[…] Our fight is the community’s fight.”As Bitfinex is under new legal attack, both the exchange and Tether (USDT) defend their ground. The latest cryptocurrencies news show that they are both operated under one umbrella - the company called iFinex - and have been in a lot of controversial stories in the past.Meanwhile, market manipulation is another thing which Bitfinex was accused of in the past. However, both Bitfinex and Tether denied all accusations so far, stating that they were "written in bad faith" and that the case is yet to see a final resolution.
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