RATE Group | Bitcoin Price Spikes But Bull Reversal Is Still $1K Away
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Bitcoin Price Spikes But Bull Reversal Is Still $1K Away

15 Oct Bitcoin Price Spikes But Bull Reversal Is Still $1K Away

Posted at 18:40h in Bitcoin News by

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Bitcoin (BTC) spiked 11 percent Monday, likely due to a sell-off in tether (USDT), but a bullish reversal is still not confirmed, technical charts indicate.

The leading cryptocurrency jumped to a 2.5-month high of $7,788 at 06:45 UTC on Bitfinex – the cryptocurrency exchange that manages USDT developer Tether LLC.

Interestingly, the stablecoin was down 2 percent just before BTC picked up a bid at 05:00 UTC, and fell further to an 18-month low of $0.925284 at 07:00 UTC, as per CoinMarketCap.

The unusual drop indicates investors have moved money out of USDT and into bitcoin and other cryptocurrencies – possibly on a fresh round of doubts over whether the stablecoin is fully backed by dollars.

Further, there’s evidence of growing interest in emerging stablecoins like Paxos Standard (PAX), TrueUSD (TUSD) and Gemini Dollar (GUSD), which all reported gains during the USDT sell-off.

More importantly, the majority of the rapid gains in BTC likely happened via trading on Bitfinex,…

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