RATE Group | Bear Market Sees Bitcoin Volume Approaching Yearly Low Once Again
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Bear Market Sees Bitcoin Volume Approaching Yearly Low Once Again

14 Oct Bear Market Sees Bitcoin Volume Approaching Yearly Low Once Again

Posted at 15:13h in Bitcoin News by

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Earlier today, on October 14, the price of Bitcoin experienced an abrupt increase from $6,300 to $6,410 within minutes.

The unexpected rise in the Bitcoin price led traders to be optimistic about the short-term trend of the crypto market, as analysts previously stated that for the dominant cryptocurrency to demonstrate signs of recovery, it will need to first rebound to the range of $6,350 to $6,400.

However, in the past 12 hours, the price of Bitcoin fell back to $6,300, falling below the $6,300 mark to around $6,220.

Tether-Enabled Exchanges Showing Premiums

The real price of Bitcoin seems to be around $6,220, as shown by Gemini, Kraken, and Bitstamp. Tether (USDT)-integrated exchanges like Bitfinex, Huobi, and OKEx are showing a price of $6,350, possibly because of the drop in USDT.

On October 13, CCN reported that the price of USDT fell by around 2 percent from $1 to $0.98. As a stablecoin backed by the US dollars, the price of USDT has to be pegged to $1 at all times….

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