Cryptocurrencies Move Higher as Traders Exit Tether
Published Oct 15, 2018 10:43AM ET
Tether selloff pushes alternative cryptos higher.
Investing.com - Cryptocurrencies traded higher across the board on Monday, with the notable exception of Tether, following renewed concerns over possible issues at crypto exchange Bitfinex.
Bitcoin gained 8.26% to $6,889.20 at 10:40 AM ET (14:40 GMT) on the Bitfinex exchange.
Ethereum rose 7.50% to a trading price of $217.01 on the Bitfinex exchange.
XRP traded at $0.46294, up by 9.30% in the last 24 hours on the Poloniex exchange, while Bitcoin Cash, a product of the Bitcoin fork and the fourth-largest cryptocurrency by market capitalization, traded up 5.86% to $476.26 on the Bitfinex exchange.
Tether, however, was last off 4.79% at $0.92950 on the Kraken exchange.
The stablecoin -- currently the eighth largest cryptocurrency by market cap -- was reportedly hit by renewed speculation that Bitfinex, the crypto exchange that shares a chief executive officer with Tether’s issuer, was undergoing problems with its financial health and banking relationships.
Bitfinex responded last week to similar rumors, denying those allegations and insisting that the exchange was solvent.
Some observers suggested that Tether’s drop supported the rise in other cryptos as those traders are losing faith rotated their investment in digital currencies.
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Written By: Investing.com
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