After a sluggish weekend, crypto markets have retreated today but are still largely inactive. Total market capitalization has dropped back a fraction but is still holding around the US$210 billion level.
There’s been little to no movement in the Bitcoin BTC) camp which is still stuck around US$6,500. BTC has been stuck in a consolidating range and the path of least resistance still seems to be on the downside. Ethereum (ETH) is also flat, down about a point and trading at US$205.
The vast majority of alt coins are all in the red during trading on the Einstein Exchange today, however losses are minimal. Stellar (XLM) and Litecoin (LTC) are the only two digital currencies in the top ten with a loss around 1%. The rest have hardly moved over the past 24 hours.
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Cryptocurrency firms Tether and Bitfinex continue to face scrutiny from investors after their so-called stablecoin proved not-so-stable earlier this month.
Tether, the company that issues the U.S. dollar-denominated stablecoin – also eponymously known as Tether – and Bitfinex, the Hong Kong-based cryptocurrency exchange, found themselves in the spotlight on October 15th when the price of Tether, which is allegedly pegged at 1-for-1 with the U.S. dollar, crashed below 90 cents following reports that Bitfinex was having banking complications, according to a report from The Block.
Unlike other digital currencies, Tether and other stablecoins are supposed to be fully backed by dollars or other traditional money. Stablecoins are often used to buy other virtual currencies.
The continuing saga has prompted some cryptocurrency-based funds to call into question the future of the two companies that share common investors and management.
