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Crypto Market Overview: Price drop triggered by Bitfinex-Tether debacle?

  • iFinex have allegedly violated New York law and defrauded local investors.
  • Monero and Tezos were the biggest losers of the day among the top 20 coins.
Crypto Market Overview: Price drop triggered by Bitfinex-Tether debacle?
Rajarshi MitraRajarshi MitraIndependent Analyst

The crypto market lost a chunk of its value in a matter of minutes as the latest chapter in the Bitfinex-Tether saga unfolded. 

NYAG vs. iFinex

This Thursday, a document from New York Attorney General’s (NYAG) office revealed that iFinex, the company behind Bitfinex and Tether, may have violated New York law and defrauded local investors that trade cryptocurrencies. As per the suit, Bitfinex allegedly sent $850 million to a Panama-based company, failed to secure the funds and then raided Tether’s cash reserves to satisfy its customers later.

Noted journalist Joseph Young tweeted:

“According to the official document released by the New York AG's office, Bitfinex sent $850 million to a company based in Panama, didn't get it back, and granted itself access to $900 million Tether cash reserves.”

Top three coins performance

  • BTC/USD plunged from $5,500 to $5,100 in one hour. In fact, it lost 5.55% of its value in a matter of minutes. The bulls managed to take the price up to $5,155 before it broke down to $5,100 again.
  • ETH/USD broke below the $160-mark as the price plummeted from $165.35 to $151.15. The bulls have managed to take the price up to $153.
  • XRP/USD broke below $0.30. Price went down from $0.303 to $0.287 within 45 mins. 

Biggest winners and losers (top 20 coins)

  • Monero (XMR) was the biggest loser among the top 20 coins as it lost 9.55% of its value going down from $68 to $61.50.
  • Tezos (XTZ) lost 835% of its value and is currently trading for $1.15.
  • Ontology (ONT) lost 7.74% of its value and is currently trading for $1.04.

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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