Bitcoin Price Could Hit $15,000 This Year

Christopher Matta, Goldman Sachs

According to my estimates, the recent tx spam on the ETH network cost up to ~$15m USD

Vitalik Buterin
BTC $
68,03
ETH $
68,03
14.10.18
Articles

Bitcoin Rate Is Higher On Bitfinex Than On Other Exchanges

Many of cryptocommunity’s participants have noticed that the rate of the first cryptocurrency has been higher on Bitfinex than on many other exchanges.
Thus, at the press time, BTC rate on Bitfinex is $6381.
At the same time, its rate is $6240 on Bitstamp.
Thus, the difference is $141 or about 2%. As many think, such a situation creates good conditions for arbitrational operations.
Why Is Bitcoin Price Higher On Bitfinex?
Most of crypto analysts are sure that the rate of the most popular stablecoin Tether is the reason. Tether rate is less than $1 now.
As it is known, Tether Ltd. is connected with Bitfinex. Chainanalysis analysts have published a research recently, telling that newly issued USDT coins are sent to Bitfinex first of all. After that, 80% of coins are transferred to several exchanges which accept USDT: Bittrex, Poloniex, Huobi, OKEx, Binance and Kraken.
Twitter’s Von notes that USDT rate has been seriously changing since October, 9th. It is said in his post that “as the premium of $USDT over $USD continues, Bitcoin bought on Tether exchanges is able to be sold for less on exchanges with $USD (and withdrawals to banks)”.
Two days later, on October, 11th, BTC/USDT rate on Bitfinex, Binance and Poloniex became considerably different from the one on Coinbase, Bitstamp, Bittrex, where BTC/USD pair is traded. Let us note that Bittrex started supporting fiat currencies relatively recently.
Why Did USDT Price Decreased?
As Joseph Young notes, there are three reasons of USDT rate decrease.
• investors started selling USDT to buy new and “better” (audited and regulated) stablecoins, such as Gemini USD and Pax;
• cryptotraders sell USDT to buy BTC and Ethereum;
• problems with bacnks who service Tether Ltd.
The head of the world largest crypto exchange Binance Changpeng Zhao published a chart showing that the stable coin PAX has higher rate that its main competitor USDT.
Is Danger Threatening Bitfinex?
As for the problems with Bitfinex, yesterday, on October, 13th, the exchange’s representative confirmed that the exchange had stopped accepting fiat currencies. He also expressed confidence that the problem would be solved during a week.
Meanwhile, Twitter’s Auditcarlo, whose profile claims he is a former CFO of, published a screenshot showing that exchange’s bitcoin wallet had been valued at under a billion dollars for the first time since 2017.