Bitfinex has a close relationship with Tether LLC, the developers of the USDT token.
Tether has been a point of controversy in the crypto-sphere for some time now, with many suggesting that the USD-pegged cryptocurrency may not, in fact, be backed by an equal amount of Dollars. However, Tether was not so lucky, as it lost its grip on the US Dollar peg, nearly the same time Bitcoin went up.
The last drop Tether (USDT) experienced occurred in April 2017 when its price reached the minimum of $0.92.
Tether (USDT) traded down to $0.94 in early trade Monday, sharply below its 1:1 US dollar peg, while BTC lead the cryptocurrency 10% higher.
This is because Bitfinex crypto exchange sent two payments of 200 million and 50 million to Tether's treasury address.
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Bitfinex claims it is not insolvent despite the stream of media articles claiming so.
Preceding this revelation, Bitfinex revealed its "improved fiat deposit system" that reportedly utilized some form of distributed banking to verify and process deposits.
The premium on Bitfinex indicates that Tether holders may be heading for the exit. "Such price supporting activities are successful, as Bitcoin prices rise following the periods of intervention".
Tether's losses are bitcoin's gains. A proper audit would make this clear and transparent. According to the charts on CoinMarketCap, there is more than 20% uprooting in Tether's valuations in the last week. Tether has gone down and analysts predict it will be back up again.
Although the memorandum was produced by a major Washington D.C. law firm, it does not absolve Tether of any of the circulating rumors.
At the same time, Tether's USDT/USD pair lost came crashing down below 0.95-fiat at the beginning of the Asian session. Retail investors are already exchanging their Tether holdings for Bitcoin and other top coins, which have also seen an impressive rally in the past 24 hours. At the time that Tether was plunging, Bitcoin gained 8.9% and the price stood at $ 6, 769.
The next few days will be crucial in order to determine the status of Tether and the credibility of Bitfinex as a cryptocurrency exchange, and it's going to be interesting to observe how the events turn out. In the last seven day interval, Tether is -1.27% against the American dollar along with a movement of 0.36% in the past hr.
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