There has been a widening gap between Bitcoin spot prices available for purchase with USD vs Tether. Currently, Bitcoin is trading at a significant premium on Tether enabled exchanges, like Bitfinex. At the time of this writing Bitfinex is trading at $6663.2, while Coinbase is trading at $6597.
What could account for this? Critics of Bitfinex & Tether cite a growing distrust of the stablecoin after Bitfinex ended their relations with Noble Bank. Today, traders would rather get real fiat USD for their Bitcoin than the “1:1” pegged stablecoin Tether.
In our last altcoin market watch update, we shared a macro look at the market that showed a six and a half month long falling wedge break out. At the time, altcoins were dropping back towards the initial break out level and we were all eagerly watching to see if the level would act as support. It did!