Bitcoin Price Flash Crashes, Crypto Market Sees Red, More News In The Bitfinex/Tether Case — The Crypto2Cash Chronicle
Today’s crypto and blockchain news, brought to you by the Crypto2Cash Team
Bitcoin Price Flash Crashes
An unknown user has dumped 5,000 Bitcoin for just at an oddly low price of just $6,200 over night. The sell order was made on the Bitstamp exchange and caused the price of Bitcoin on Bitstamp to crash to just a little over $6,000. The price then also started to fall on other popular exchanges and the market average is currently at around $7,300, down almost 9 percent on the day. It is still unclear if the dump was a deliberate tactical trade, or if it was made due to a mistake by a bot or a person. This large dump could mean, that the positive price movement seen over the last few days has come to an end and it will be interesting to see if the network manages to recover from this crash.
Crypto Market Sees Red
As the price of most Alt-Coins is often strongly linked to Bitcoin, it didn’t take long for the crypto market to turn into a see of red. Ethereum and Ripple, which both saw a large price increase over the last two days, are both down 8 percent and 13 percent respectively. Most other Alt-coins are down between 9 and 14 percent, with Stellar being the biggest looser, down 16 percent on the day. Top performer of the day was Cosmos (Atom), which was the only top 20 currency in the green, up 5 percent on the day.
More News In The Bitfinex/Tether Case
A New York judge has ordered, that crypto exchange Bitfinex and Stablecoin issuer Tether, hand in the documents on the $850 million loan Bitfinex received, after it’s funds were frozen by payments provider crypto capital. The judge further ordered, that Tether is not allowed to hand out more loans to Bitfinex in the upcoming 90 days, during which the case is in review. Apart from this both Tether and Bitfinex are allowed to pursue business as usual.
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