Express

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.

Last Update:

Tags: ,
Link: How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations   [Copy]
Next:

Related Articles

  • Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules 3 days ago
  • BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 5 days ago
  • The Making of a Political Darling: Is Chainlink’s Government Deal a Victory for Tech or... 10 days ago
  • Google Steps Into Blockchain: A New Front in the “Ledger Wars” 11 days ago
  • Bitcoin Weekly Analysis: Is a Bear Market on the Horizon? 14 days ago

    • You need to login to comment.