Tanya Abrosimova
Independent Analyst
- 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.
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.