On the bitfinex exchange, the price of bitcoin rose by $1,500 in just a couple of hours, from $6,294 to $7,788, which is a 24% increase. However, such a jump did not occur on other exchanges. This is associated with the exchange’s use of the stable token tether.
On Bitfinex, traders buy and sell bitcoin and ethereum using the tether token, but the price of tether dropped to $0.97 over the weekend.
Thus, the decrease in the price of tether led to an increase in the value of other cryptocurrencies on the platform. The price of Bitcoin has since fallen to $6,880, which is still $200 above the price indicated in the CoinMarketCap price index.
A week ago, bitcoin, ethereum and ripple suffered significant losses and fell by 7-12 percent. And in total, the cryptocurrency market has lost about $600 billion in value since the start of 2018.
“The market has seen the usual volatility over the last week, but interestingly, the fall in the price of Bitcoin last week coincided with a global decline in stock markets,” notes David Thomas, director of cryptocurrency broker GlobalBlock, in comments provided to The Independent.
Despite the overall unsatisfactory downward trend in cryptocurrency markets, 2018, many experts believe that Bitcoin and other cryptocurrencies will be able to finish the year strong.
David Thomas in his analysis stated that “there is a chance that the end of the year will be strong and the bull market will resume.”
According to independent.co.uk
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