The cost of the Tether (USDT) fell to 18-month low, despite the overall growth of the cryptocurrency market.
The exchange rate is pegged to the US dollar stablein Tether (USDT) fell on Monday, 15 October at 07:00 UTC, up to $0,925284, reaching the lowest price level since April 27, 2017.
The fall of the Tether affected the exchange rate of bitcoin on Bitfinex exchange — the cost of the first cryptocurrency it exceeded the average rate of bitcoin at $600.
As at the time of writing, obschebirzhevogo digital gold is around $6680. However, Bitfinex BTC rate is $6960, which suggests that traders seek to convert USDT in bitcoin and get rid of the unreliable stablein.
According to Joseph young, a well-known cryptocurrency experts, the collapse of the Tether will have a lasting positive impact on the cryptocurrency market, as will facilitate the development of effective regulation stabilio and the emergence of reliable alternatives USDT in the face of GUSD, TUSD and PAX.
Some members of the crypto community believe that traders are losing faith in the token for the background of the lack of financial transparency, problems c cash at Noble Bank, holding the main part of the assets of the Tether, and unexpected interruption of input Fiat money to Bitfinex team associated with Tether Ltd. company.
It is noteworthy that simultaneously with the growth of bitcoin and fall of the Tether cryptocurrency exchange Bitfinex announced the launch of a new system of Fiat deposits, support rapid processing of payments.
Exchange Kucoin also added fuel to ogem, saying in the midst of a rally on the suspension input and output USDT. At the moment processing Platja in USDT on Kucoin resumed.
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