Today, we started with Bitcoin great pump like end of the 2017. Bitcoin almost %20 rised and reached almost 8K in 1 hour. Then, started the retreat again to 7K.
What is going on Bitcoin? Is it related with Tether? Tether has moved in last days. Can anyone explain?
The pump was not so strong and BTC cannot reach 7k USD level at the exchanges which use USD instead of tether. The price action was not real. In some exchange who use tether instead of USD you can see 7.5 + levels. This is because of tether/USD price. Normally each tether must equal at 1 USD. But during this movement, each tether was equal of less than 0.9 USD. This is the main reason of this BTC price movement and also big spread bettwen exchanges.
Seems like people are fleeing from USDT and are thus moving into BTC and some of the alts in case USDT turns out to be insolvent.
Not sure why everone is fleeing USDT right now however.
The price of tether was dropping since few days and today there was a rumor that Binance will delist tether. But this news was not accepted by Binance CEO.
https://twitter.com/cz_binance