Bitcoin is Trading $300 BTC/USD Higher on Bitfinex as Crypto Market Turns Green


After dropping down to around $5,075 level after the Tether and Bitfinex fiasco, Bitcoin is back to greens as it makes its way upwards. At the time of writing, the flagship cryptocurrency has been trading at $5,200 on Bitstamp, as per TradingView. Meanwhile, on Bitfinex that has been the center of this blunder, is seeing Bitcoin price at above $5,500.

Currently, there is a spread of ~$300 between Bitfinex’s BTC price and on other crypto exchanges viz. Bitstamp, Coinbase, Bittrex, and Gemini.

BTC/USD chart, Source: TradingView

As Chris Burniske, a partner at Placeholder, venture capital firm had said in this respect, “On one hand, I’m impressed with how BTC has held given the Tether news, on the other hand the ~$200 spread between Bitfinex & other exchanges is making me queasy.”

As the Bitcoin price turns green by more than 1 percent, altcoins follow suit with top cryptos up by 1 to 3 percent in the past 24-hours with total market cap seeing a small upside to $172 billion.

Source: Coin360

A Promising & Bullish Week Despite Tether-Bitfinex Drama

Keeping the Bitfinex and Tether fiasco aside, this week saw a lot of development. First, we saw, $1 trillion brokerage giant, TD Ameritrade quietly testing Bitcoin and Litecoin spot trading feature. This means soon its 11 million clients would get access to cryptocurrencies and potentially open the floodgates for institutional adoption of BTC and cryptos.

We have already seen companies like International Continental Exchange and Fidelity Investments set to launch future trading platforms and custody options and now live spot trading of BTC on Nasdaq would further increase the top cryptocurrencs’s institutional appeal.

An influx of big-money players in crypto space per experts will act as a tailwind to push Bitcoin price much higher.

This week also saw trading platform giant E-Trade jumping on the Bitcoin bandwagon. The firm is reportedly planning to support Bitcoin and Ethereum trading for its 5 million customers.

By giving a major boost to crypto’s mainstream adoption, Samsung has become more serious about digital assets as latest reports suggest that the company might be on its way to create its own Ethereum-based blockchain network with further planning to launch its very own cryptocurrency in near future.

In another event, France’s new crypto law now grants blockchain-related projects the right to a bank account, provided they opt for getting regulated. There’s also an operational certification for ICO projects and crypto service providers like exchanges and custodians. This new law has paved the way for French private equity funds and life insurance to get more exposure to crypto assets.

Moreover, equity fundraising platform SeedInvest, recently acquired by crypto startup Circle has been granted the alternative trading system (ATS) license.

So, all in all, this has been a week that showed crypto market is growing and big things are coming for Bitcoin and cryptocurrencies.

Live Bitcoin (BTC) Price:

1 BTC/USD =$62,692.2265 change ~ 4.61%

Coin Market Cap

$1.17 Trillion

24 Hour Volume

$23.59 Billion

24 Hour VWAP

$60.75 K

24 Hour Change

$2,891.80

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