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Bitcoin rose sharply on Monday after a credit crisis related to a major cryptocurrency swap caused a rush to the first digital currency.
After starting the day around $ 6,200, Bitcoin
BTCUSD, + 4.46%
traded at a higher intraday of $ 6,960.68 on the Kraken Stock Exchange. However, on the Bitfinex stock exchange, the third largest volume cryptocurrency exchange, according to CoinMarketCap data, the price of bitcoin reached an intra-day high of USD 7,788, creating a premium of more than 10%.
The increase in the number of bitcoins was at the expense of Tether (USDT), the stable institution of the Bitfinex stock exchange, which traded at 88 cents. Stable coins are traditionally traded at $ 1 or so, since this is a US dollar coin that investors use to exchange different crypto-currencies instead of entering and get out of the fiat.
"People were willing to pay more to get bitcoin and get rid of the USD because concerns about credit risk were spreading," said Charles Hayter, co-founder of CryptoCompare.
Tether has been carefully scrutinized in the past to determine whether it actually had sufficient reserves in US dollars to finance its stable budget.
During the Monday negotiations, a single bitcoin changed hands at $ 6,527.24, up 4.4% since Sunday at 17 hours. Eastern Time on the Kraken Exchange. In Bitfinex, Bitcoin was still trading at a premium of $ 6,908.
Lily: How Bitfinex, Tether raises eyebrows on the cryptocurrency market
The bitcoin jump resulted in smaller pieces, called altcoins, higher up. Ether
ETHUSD, + 2.93%
was up 3.1% to $ 201.05, Bitcoin Cash
BCHUSD, + 1.37%
was up 1% to $ 442.60, Litecoin
LTCUSD, + 2.43%
was up 2.2% to $ 53.07 and the XRP
XRPUSD, + 3.77%
is trading at 44 cents, up 6.4%.
Bitcoin futures follow higher spot prices on Monday. The October contract of Cboe Global Markets
XBTV8, + 3.18%
is trading 3.4%, at $ 6,410, while the CME Group's October contract
BTCV8, + 3.64%
was up 3.6% to $ 6,405.
Fidelity to offer cryptography services
Fidelity Investments announced Monday it has launched a new company that will offer crypto-trading and security offerings to customers.
The company, Fidelity Digital Asset Services LLC, will offer services to hedge funds, family offices and other market participants, according to a press release.
"Our goal is to make digital assets, such as bitcoin, more accessible to investors," said Abigail P. Johnson, President and Chief Executive Officer of Fidelity Investments.
Further reading: Fidelity launches a cryptocurrency trading platform
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