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Crypto market overview: Bitcoin falls in arbitrage trap amid Tether sell-off

  • Bitcoin’s exchange rate differs significantly on various trading platforms.
  • Altcoins are moving to the North, ETH and XRP are among growth leaders.

Tether sell-off triggered by Bitfinex issues that caused the exchange to temporarily stop fiat deposits led to a massive bullish assault on the cryptocurrency market on Monday.  

“People were willing to pay more to get hold of bitcoin and get off USDT as worries circulated about credit risk,” Charles Hayter, co-founder of CryptoCompare, commented on the situation as cited by Marketwatch

All major coins demonstrated a strong growth amid increased volatility and trading volumes. Moreover, Bitcoin was trading at a 10% premium on  Bitfinex, creating favorable conditions for arbitrage.

The market calmed, but discrepancies with exchange rates on major trading platform sill exist. Thus, BTC/USD is changing hands at $6,444 on Kraken, on Bitfinex, the third largest cryptocurrency exchange by trading volume, the price of BTC is registered at $6,741, while on trading platform WEX, it is as high as $8,666.

According to CoinMarketCap data, the average price of bitcoin is now set at $6.687, which is 4.6% higher since this time on Monday.

Ethereum is changing hands at $209.74, gaining 6% on a day-on-day basis, while Ripple’s XRP jumped as high as 10% to trade at $0.4552 by the time of writing.

The total cryptocurrency market capitalization slipped to $211B from $221B reached on Monday.

 

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