BTC Surges to $7,200: Tether Sell-off Triggers Bitcoin Price Jump

Bitcoin in less than an hour skyrocketed by $800 on the crypto exchange BItfinex, and almost exceeded the psychological mark of $7,000. The second most popular cryptocurrency - Ethereum - jumped in price by 22%. Tether - stablecoin, who is accused of scam – could be one of the key reasons of the price surge.

Today at 06:00 am on the crypto exchange Bitfinex, the most famous cryptocurrency - Bitcoin -  took the psychological barrier of $7,000. The BTC price reached $7,249, although just an hour ago the price was holding at nearly $6,400.

Ethereum also demonstrated confident growth. Over the same time period, the ETH price jumped from $197 to almost $240.


Among the possible reasons, experts name Tether. Rumors that the stablecoin is unsecured could have persuaded investors to withdraw their investments from USDT and switch to other crypto assets. Thereby warming up the demand and price for BTC and ETH.

  • Late last week, BItfinex suspended fiat deposits. At the same time, investors have withdrawn over 110 million USDT from the exchange's wallets
2 years ago

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