Tag: Bitfinex

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Crypto News

Binance, Poloniex, and Huobi Crypto Exchanges Hold More Tether (USDT) Than Bitfinex

The Binance, Poloniex and Huobi exchanges currently own more Tether (USDT) than Bitfinex, although this exchange platform shares the same CEO as Tether Limited, the stable currency issuer.

Binance, Poloniex, and Huobi possess more Tether (USDT) than Bitfinex, the issuer of this stable coin

Bitfinex, thus, positions itself as the sixth USDT holder, according to data released by CNBC’s Ran Neuner on his Twitter account, noting that Binance is the platform with the highest amount of Tether (USDT), after the stable coin’s treasury. He adds that this situation could mean that Bitfinex has lost many customers or that its clients are exchangingTether for other cryptocurrencies.

Neuner’s statistics are based on an analysis published on October 19th by the firm Element Group which evaluated the situation of the most popular stable coin in the market.

The analysts of the before-mentioned firm highlight the lack of information of the Bitfinex exchange regarding its situation and that of Tether and draw attention to the latest movements made by Bitfinex, which has transferred a large part of Tether (USDT) tokens to the Tether treasury.

Bitfinex crypto exchange is experiencing a bleak period, according to some analysts

“Since October 3rd, Bitfinex has sent a total of 690 million Tether tokens from Bitfinex’s Tether wallet to the Tether Treasury. That has reduced the current supply from about $2.8 billion to $2.1 billion in a short time. Therefore, Bitfinex has spent considerable resources to defend the Tether bond and, in the absence of this buying pressure, it is likely that Tether (USDT) has crashed even further and provokes, even further, the sale in the wider cryptocurrency market,” Element Group reported.

The firm speculates that this situation could be related to the problems that Tether (USDT) and Bitfinex appear to be experiencing in securing a stable banking relationship. That is based on information published at the beginning of October that Noble Bank was looking for buyers and had lost several of its clients, including Tether and Bitfinex.

Fears suggest that the USDT stable coin does not have sufficient support or that Bitfinex is in a state of insolvency.

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Crypto News

Bitfinex To End Fiat Deposit Freeze, While Tether (USDT) Fell Below The $0.90 Mark

Tether (USDT), the most popular USD-backed “stablecoin,” just fell below the $0.90 mark on Bitfinex as the regular investors turned to Bitcoin (BTC) and other cryptocurrencies, worrying about the USDT reserves. At the same time, Bitfinex announced it would end its fiat deposit freeze.

According to CoinMarketCap, Tether (USDT) experienced a drop, reflected by a 5% increase in Bitcoin (BTC). However, at the moment of this writing, Tether (USDT) trades at $0.965, falling by about 2.5% over the last 24 hours. On the other hand, Bitcoin (BTC) sells at $6,624 after surging by about 5% in the previous day.

Bitfinex paused deposits in fiat currency for “certain customer accounts” after they suffered some “processing complications.” However, Bitfinex announced that they would end fiat deposits freeze, about at the same time Tether (USDT) dropped below the $0.90 mark.

“How any rational party can claim insolvency when the opposite is there for all to see is interesting and, once again, perhaps indicative of a targeted campaign based on nothing but fiction,” Bitfinex representatives stated.

Bitfinex To End Fiat Deposit Freeze, While Tether (USDT) Fell Below The $0.90 Mark

Last Thursday, when Bitfinex revealed that fiat deposits are paused, some investors became suspicious due to the lack of details from Bitfinex regarding the mentioned “complications” that made the exchange halt fiat deposits.

“We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16th, 2018, to allow for the efficient processing of the fiat deposits,” reads the latest update on the situation, offered by Bitfinex.

However, the Bitfinex decision to pause fiat deposits triggered some reactions in traders who turned to Bitcoin (BTC) and other cryptocurrencies, concerning the Tether (USDT) reserves. The movement caused Tether (USDT) to drop below the $0.90 mark on Bitfinex, eventually, and to generate a slight surge in Bitcoin (BTC) value against the US Dollar.

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Crypto News

Tether (USDT) Raises Concerns Of Market Manipulation As It Transfers $50 Million To Bitfinex

One of the top 10 cryptocurrencies, also referred to as a stable coin in the crypto-verse, Tether (USDT) recently issued $50 million in USDT, that, as reported by the OmniExplorer, Tether transferred to Bitfinex, one of the leading cryptocurrency exchange platforms in the world, on August 11th, 2018, at 11 AM UTC.

That prompted the cryptocurrency enthusiasts to claim that Tether is once more engaged in cryptocurrencies market manipulation. The people have also said that Tether often issues more USDT coins when the crypto market is going bearish.

The allegation of manipulation came up because of John Griffin and Amin Shams, two investigators at the University of Texas. The investigators released an article titled “Is Bitcoin really Un-Tethered?” The paper discusses how Bitfinex is using Tether to purchase Bitcoin on other crypto exchanges and especially when the Bitcoin (BTC) price is falling sharply in the market.

That is not the first time when Tether (USDT) raises concerns and gets accused of market manipulation

A comprehensive 3-page release was launched in June as a result of Freeh, Sporkin & Sullivan LLP investigation on Tether (USDT). This company has been granted complete access to Tether’s bank information together with information regarding the number of employees who actually own a part of the company’s shares.

This transparency was required when they uncovered a whopping $7 million, higher than what was recorded in a spot check of the Tether’s bank accounts.

Changpeng Zhao, the CEO of Binance, the world’ s leading cryptocurrency trading platform, recently expressed his worries regarding the Tether (USDT) cryptocurrency. In his opinion, Tether only profits from its trading portals. He also thinks the company is afraid of being shut down, and for this reason, they do not divulge their bank details.

Also, Charlie Lee, the founder of Litecoin (LTC), frequently stated that as its tokens are dollar-backed, Tether purchases cryptocurrency using these USDT tokens.

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Crypto

Bitfinex Cryptocurrency Exchange Has Just Listed Verge (XVG) And Stellar (XLM)

Bitfinex, the world’s biggest and best-known cryptocurrency exchange, recently reported the introduction of Verge (XVG) and Stellar (XLM) to its exchange platform. While the deposits in both new additions were accepted already, exchanges commenced today at 11:30 AM UTC.

From now on, XVG and XLM can be exchanged to the other major available cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), as well as to fiat money, which includes USD, EUR, JPY, and GBP, on the Bitfinex exchange.

Trade is now live for XLM and XVG. Both pairs can be traded against BTC, ETH, USD, EUR, GBP & JPY.

Bitfinex, on its official Twitter page

Bitfinex has been established in 2012 and has served as the largest Bitcoin exchange network since that time. This was created by taking into consideration the increasing demand for cryptocurrency services.

Verge (XVG) and Stellar (XLM) addition to Bitfinex cryptocurrency exchange brings them among the elite crypto coins of the market

Crypto coins such as Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, and Monero are available for exchange on Bitfinex platform. Via a p2p platform, it provides leveraged trading.

The Bitfinex site states that “margin trading and P2P financing will be enabled gradually as the order book develops liquidity”. This type of trading allows a person to purchase more equity as one can either borrow funds or obtain a loan through a broker to trade the desired cryptocurrency or fiat money asset on Bitfinex.

Over the past day, before the announcement regarding Verge (XVG) and Stellar (XLM) listing on Bitfinex cryptocurrency exchange, the XLM value against the USD soared by about 3.7% to $0.44, while XVG gained about 23% reaching to $0.08. At the moment of this article, XLM is at the $0.43 level, decreasing slightly, while XVG trades at $0.079 increasing by 9.63% in the last 24 hours by slightly decreasing since the announcement has been made.

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