KuCoin Freezes Tether Deposits And Withdrawals For Maintenance

Bitfinex Crypto Exchange Sees Bitcoin Arbitrage Opportunity with $170 USD Premium

Whether or not Tether has 1-to-1 fiat reserves is unverifiable due to issues with auditing. At roughly $3bn, stablecoins account for only approximately 1.4% of the total value of all cryptocurrency - yet Tether is consistently ranked 2nd in terms of daily trading volume, with a volume regularly close to, or even exceeding, its total market cap changing hands via exchanges on a daily basis. This information is based on the Blockchain data provided by Omni, a second-layer protocol on the Bitcoin blockchain which provides infrastructure to Tether (USDT) tokens.

The news had only marginally altered market sentiment as of press time, BTC/USD 00 gaining around 0.5 percent in the course of an hour. The panic yesterday caused Bitcoin to explode in price, jumping $600 or so on all exchanges with a premium on Bitfinex, where it jumped to as high as $7500 from $6200 in a very short amount of time. At time of writing, Bitcoin (BTC) is up 7.95 percent valuing the digital currency at $6.886.90. Most notably, the dominant vanilla-flavored cryptocurrency Bitcoin in Dollars value spiked at over $7,600 this morning, which is really pretty remarkable sense just last week many were talking about Bitcoin bearishly. The Bitcoin price for BTCP now, is 0.00039386 BTC. The Bitcoin price for NEBL now, is 0.00029613 BTC. With that, traders can hedge their positions to the USA dollar stability.

IOStoken (IOST) traded down 0.3% against the dollar and now trades at $0.0396 or 0.00000526 BTC.

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XRP (XRP) traded up 5.7% against the dollar and now trades at $0.44 or 0.00006746 BTC. The Bitcoin price for CAPP now, is 0.00000124 BTC.

Binance Coin (BNB) traded up 6.7% against the dollar and now trades at $10.22 or 0.00155586 BTC. The Bitcoin price for EVN now, is 0.00000936 BTC. As a stablecoin, it has the backing of the USA dollar in the ratio of 1:1. So, amid the news over the weekend of heavy Tether selloffs, it's hardly surprising that Bitfinex, the cryptocurrency exchange behind Tether LLC is leading the charge.

Perhaps in an effort to put the fears of investors to rest, in June, Tether released a transparency report written by Washington, DC-based law firm Freeh Sporkin & Sullivan LLP (FSS) as a way to prove that USDT was tied to the United States dollar and that the company did, in fact, possess reserves to back up its claims. If the volume of USDTD is suspiciously large in the midst of a market correction, it could signify investors are trading cryptos for Tether (USDTD). Mine is just one of many articles surrounding reviewing the wrongness of Tether and Bitfinex. This saw traders factor in the risk of using USDT to trade, leading to a premium that's now at 4.38%, meaning buying one BTC with the stablecoin costs $280 more than it does with United States dollars.

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