Tether (USDT) displaces Bitcoin Cash from the fourth position amid the crypto carnage
|- Tether’s rise to the fourth spot could be short-lived if Bitcoin recovery from the current dip.
- Bitfinex and Tether will not hand over any documents in a court case filed against them by the New Attorney General’s office.
As the cryptocurrency market suffered one of the worst selloffs, Tether (USDT) the leading stablecoins was breaking barriers to sit in the fourth position on the market. Bitcoin Cash which was holding the position is now in the fifth spot with a market cap of $4 billion.
Tether, on the other hand, has a market capitalization of $4.2 billion. Its trading volume stands at $35 billion in the last 24 hours.
However, the stay of Tether in the fourth spot could be short-lived if Bitcoin Cash is to recover from its 22.95% drop. Besides, the cryptocurrency live rates table by FXStreet shows only a 7.7% drop on the day. Bitcoin Cash is trading at $223 amid a building bullish momentum.
Tether is a stablecoin coin controlled by iFinex. Similarly, iFinex is the parent company to Bitfinex, a major crypto exchange in the industry. The spiking volume in Tether is attributed to investors using the token to hedge against the bearish cryptocurrency market.
Tether positive week continues to make headlines. A motion secured will see Tether and Bitfinex hold on to documents in a case that seeks to prove that it colluded with Bitfinex to cover-up $850 million dollars. The $850 is said to have been handed over to Bitfinex by Tether under unclear circumstances. Forbes cites a representative of iFinex who said:
“We are gratified by the panel’s decision and we look forward to addressing the significant substantive issues before the appellate court.”
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