Last week, the value of Bitcoin (BTC) declined sharply and lost more than four percent of its value in 30 minutes. The digital currency plunged from the $6,600 mark down to the $6,200 level. Bitcoin (BTC) didn’t experience this fall alone. It dragged the altcoin market along with it. Some of the altcoins even lost more than 12 percent of their values in a matter of hours due to the drastic decline of Bitcoin (BTC).
However, as the week wraps up, some coins started coming out from the deep. Bitcoin (BTC) and other top coins saw some increase over the weekend. As the new week begins, the crypto market seems to be getting on its feet. This week has so far proven to be better than last week.
Bitcoin (BTC) Price Skyrockets on Monday
On Monday, the value of Bitcoin (BTC) surged rapidly after a credit scare on one of the top digital currency trading platforms created a rush for Bitcoin (BTC). Bitcoin (BTC) started the day around the $6,200 level. However, the digital currency saw an intraday high of about $6,900 on Kraken exchange.
Bitcoin (BTC) Price Today – BTC / USD
Whereas on Bitfinex exchange, the value of the digital currency saw an intraday high of $7,780, creating a premium of over ten percent. Bitfinex is the third largest digital currency trading platform, and the sharp increase in Bitcoin was triggered on the platform.
The Trading of Tether (USDT) on Bitfinex Triggered the Sharp Increase in the Value of Bitcoin (BTC)
Recently, Tether (USDT) raised a hotly debated question in the digital currency space. The recent price trend of the digital currency has left many digital currency traders anxious. The value of USDT is meant to be at $1 or very close to the $1 mark, as Tether claims.
Tether claims all its coins are backed by the US dollar in their account. However, the recent price trend of Tether (USDT) has proven otherwise, and digital currency traders are wondering if the claims of the firm are true. Tether (USDT) has seen a significant level of decrease over the past few days, and this has created great concerns in the crypto space.
Tether (USDT) and other stablecoins are backed by the U.S dollar. Investors use them to trade between digital currencies rather than going in and out of fiat. As worries circulated about credit risk, traders and investors were willing to pay more for Bitcoin (BTC) in exchange for their USDT coins, says the co-founder of CryptoCompare – Charles Hayter.
Fortunately, as the value of Bitcoin (BTC) increased sharply, it also carried the altcoin market along with it. Ethereum (ETH) started the day below the $197 mark. However, as Bitcoin (BTC) saw a sharp increase, the value of Ethereum surged towards the $220 level. Even XRP (XRP), which was trading close to the 40 cents level, surged over the 45 cents level in just a few hours.
Bitcoin Cash (BCH) which was facing a key hurdle at the $450 mark. It was able to gather enough momentum to surge over that level. The digital currency broke over its key resistance level and traded close to the $480 mark.