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Tether USDT is Crashing. Bitcoin is Skyrocketing and Touched $7000



During the past week we discussed about the decreasing value of Tether USDT; About BitFinex issues with the HSBC Bank, and about the gap that becomes wider and wider between USD and USDT.

During the recent minutes, Bitcoin spiked to a high of $7079 on Bitfinex. The cause is likely to be heavy traders selling their Tether tokens (USDT) for Bitcoin.

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As of writing this update, one Tether that should be following the price of precisely one USD ($1.00) equals $0.95.5 which represents a daily 3.5% loss.

tether_price
USDT. Source: Coinmarketcap

Many traders saw Tether as their gateway to “seat aside” the crypto market, but due to the recent manipulation including the one we are currently suffering – they should look for other stable coins to replace Tether.

The good news is that Tether has already done a lot of market manipulations, and for any chance, a Bitcoin ETF will be approved; those manipulations have to evaporate completely.

BTC OCT15
Bitcoin 15 minutes chart – BitFinex. Cryptocurrency charts by TradingView.



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