Crypto Exchange Bitfinex Restarts Fiat Deposits Claiming 'Improved' System
18 October, 2018, 21:58
Bitcoin experienced a brief, strong rebound this Monday, with the price briefly peaking to a level of $7,800.
There is no shortage of rumors surrounding the reasons for Tether's sudden decline in price. When I was reading some of the social media last night, there were a great many traders on Bitfinex and other exchanges that didn't know what to do - they panicked did the only thing they could do to get rid of their Tether: buy Bitcoin, Ethereum and any other cryptocurrency.
However, a legal firm which has links to Tether, BitFinex and Noble Bank, has be contracted to perform an inspection. 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.
A fast-growing digital currency that claims to be backed by USA dollars has become a cornerstone of the volatile cryptocurrency market. A stablecoin traditionally trades at or very close to $1 as it is a US dollar backed coin that investors use to trade between different cryptocurrencies as opposed to going in and out of fiat.
Doubts arise because the value of USDT fluctuates at various crypto exchanges. Shortly afterward, Bitfinex announced on its blog that it was partnering with the UK-based HSBC to replace Noble Bank.
The premium on Bitfinex indicates that Tether holders may be heading for the exit.
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However, this audit, which could have gone a long way to proving the validity of Tether's stablecoin, was canceled.
At the same time, Tether's USDT/USD pair lost came crashing down below 0.95-fiat at the beginning of the Asian session. Whether this is due to auditor resistance or Tether seems up for debate, but regardless, the situation has only fanned the flames of investor uncertainty. 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. There should be a way for Tether to repurchase them from you for 1 dollar. Many traders hope that the regulators have a better understanding of the phenomena and will appreciate the relative stability of the price in the last couple of months.
On Monday, the exchange Bitfinex, which the New York Times reported last November is "owned and operated by the same people" as Tether, issued a statement declaring that it would "temporarily pause fiat deposits (USD, GBP, EUR, JPY) for certain customer accounts in the face of processing complications".
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