Ethereum shorts are getting called following some chaotic trading frenzy, with about 100,000 eth quickly closed as price spiked to a high of $250 on Bitfinex at a $30 premium over Coinbase’s then $220.
Price then fell slightly to $220 on Bitfinex, or circa $200 on Coinbase, with trading volumes spiking for eth to $2.4 billion in the past 24 hours.Ethereum’s price on one minute candles, October 15 2018.
Boring sideways action gave way to chaotic trading frenzy this morning as bitcoin, eth, and most other cryptos begun moving up while tether started falling down.
Beginning at around 5AM London time, bitcoin begun increasing in price. At first slowly, then with some speed reached a high of $7,800 on Bitfinex at a $1,000 premium over Coinbase’s circa $6,800.Bitcoin’s price on one minute candles, October 15 2018.
The biggest action was at around 7AM London time when tether crashed down to $0.51 on Poloniex, before recovering to around $0.9.Tether’s price on Poloniex on 3 minutes candles, October 2018.
TUSD is a new stable coin of sorts that claims to be fully backed by dollars with one TUSD equalling one dollar.
That peg, however, hasn’t been kept very well today with TUSD reaching $1.12 as many seemingly scramble to get out of tether:TUSD price action, October 2018.
That flight out of USDT has sent pretty much all cryptos up on increased global trading volumes of nearly $20 billion.Cryptos up, Tether down, October 2018.
This twist appears to have perplexed many traders who now have no clue just what to do as Monday opens with a bang.
A tether implosion you’d expect would send cryptos crashing with all fearful of a potential blackswan, but the opposite has happened.
It looks like a tether implosion is a whiteswan, with the reason for it fairly logical. If tether is indeed imploding then all those who have USDT have to buy cryptos. That naturally adds buying pressure, with the simple equation o...