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How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations

Vicky Wei

Summary: According to coindesk.com, the cryptocurrency markets endured a loss of nearly $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The allegations seem to have affected USDT's peg to the U.S. dollars, and have shaken market confidence that ...

According to coindesk.com, the cryptocurrency markets endured a loss of nearly $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The allegations seem to have affected USDT's peg to the U.S. dollars, and have shaken market confidence that triggered an overall sell-off with larger cryptos by market cap, for instance, with ether and XRP down 6.99% and 4.8%, respectively.

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