RATE Group | Bitcoin Breaks Out Of Its Malaise Following Tether Panic
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Bitcoin Breaks Out Of Its Malaise Following Tether Panic

16 Oct Bitcoin Breaks Out Of Its Malaise Following Tether Panic

Posted at 00:46h in Bitcoin News by

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Bitcoin prices pushed higher today following a tether sell-off. Credit: Getty Royalty Free

Bitcoin prices rallied today, approaching $7,000 and reaching their highest in a month after markets responded to concerns about tether.

The value of bitcoin rose to $6,960.98 today on the CoinDesk Bitcoin Price Index (BPI), its highest since Sept. 5.

At this point, the digital currency had climbed more than 10% in the last 24 hours and was trading close to a six-week high.

This spike contrasted notably bitcoin’s recent malaise, as the cryptocurrency’s volatility fell to its lowest point of 2018 earlier this month.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Tether Panic

Bitcoin prices surged earlier today, pushing higher after markets responded to a sell-off in tether, a U.S. dollar-based digital currency.

At the…

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