The top cryptocurrency‘s increase affected the whole market, and on some fiat-to-fiat exchanges, such as Huobi and Bitfinex, the price passed $7,000, while the value of Tether (USDT) dropped by 7 percent.
Even though Tether is crypto, pegged to the US dollar, as Bitcoin‘s value was inflating, Tether‘s price reached $0.93. On fiat-to-crypto exchanges like Coinbase, Bitstamp, and Kraken, Bitcoin reached the $6,700 mark before stabilizing.
During the past 48 hours, Bitcoin‘s daily trading volume was positively high, and according to Coinmarketcap, it went from $3 billion to $7 billion. To be considered a short-term rally, BTC has to pass $6,800 and exceed it. The price of BTC has grown from $6,150 to $6,450 where it is staying.
A crypto technical analyst, DonAlt, shared with his followers on Twitter that Bitcoin could be getting a retrace today and he would love to receive a daily close at the top of the green box.
Tether LLC, the company behind Tether, announced that USDT is backed by the US dollar, and, as of now, the market is stable. Regardless of the fluctuations in price, the assets have exceeded liabilities.
Many traders have started switching from USD to regulated and transparent options like TrueUSD and the Gemini Dollar.
In Venezuela, which is currently having an economic crisis, the trading volume of Bitcoin so far has reached 900 million bolivars or 901,126 USD. The amount is higher than last week when it surpassed 850 million bolivars.
Fidelity – the multinational financial services corporation, issued a statement that it is planning to enter the cryptocurrency market, and plans on bringing accredited investors in the regulated US.