RATE Group | CORRECTED: Bitcoin Price Jumps $200 in One Hour
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CORRECTED: Bitcoin Price Jumps $200 in One Hour

07 Jan CORRECTED: Bitcoin Price Jumps $200 in One Hour

Posted at 03:22h in Bitcoin News by

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Bitcoin’s price jumped $200 in an hour and a half on Monday, rising to a 30-day high of $7,800.

The world’s largest cryptocurrency by market capitalization climbed after data provider CoinMarketCap showed a sudden jump in the supply of stablecoin tether (USDT).

The 5 percent rise in bitcoin’s (BTC) price initially appeared to be preceded by a $500 million increase in USDT’s market capitalization, from around $4.14 billion at 20:49 UTC to $4.65 billion at 20:54 UTC.

Tether’s treasury website currently reads a value of $4,776,470,463.76 in total assets, securing $4,656,898,280.75 of liabilities.

However, archived versions of the page show similar readings over the past few days, suggesting CoinMarketCap’s data did not capture the full supply previously. USDT runs on several different blockchain networks, including Omni, ethereum, Tron and Liquid.

Traders can deposit U.S. dollars with Tether Ltd., the issuer of USDT, and receive the stablecoin in return. Since USDT is pegged 1:1 to the…

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