Altcoin News: Recent Growth on the Market Could Have Been Caused by Investors’ Desire to Get out of Tether
May 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
While the price of Bitcoin continues to be near its local highs, we can suggest that recent growth could have been caused by investors’ desire to get out of Tether, which turned out to be in the center of the trial, into the leading cryptocurrency.
According to TokenAnalyst, since April 26, the dates when it became aware of the charges brought forward by the New York Prosecutor’s Office, Bitfinex’s wallets left more than $1.7 billion in Bitcoins and Ethereum.
Bitfinex also draws attention to the fact that after the appearance of this news on Bitfinex, Bitcoin traded 6% higher than on other sites, however, along with the message about the successful attraction of the $1 billion exchange, the discrepancy disappeared.
“Smart customers will not custody their funds on exchanges and pull their crypto off exchanges. This could put further upward pressure on Bitcoin prices as one would rather take fake money and exchange it to Bitcoin,” said John Griffin, a professor of finance at the University of Texas at Austin.
Author: Marko Vidrih