The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin dives a bit
On Monday, crypto assets were nearly intact.
On The Kraken exchange, the world’s leading digital coin, Bitcoin was demonstrating minor losses on Monday. The currency pair BTC/USD accounted for $6,446.21, heading south by about 0.6% since Sunday.
Coming off a trading marathon in which the most popular stablecoin, Tether happened to break its peg, traders in the greenback-backed crypto asset have started packing up shop for more stable assets. By the way, the vast majority of stablecoins don’t exceed $1 in value, often fluctuation in the range 99 cents- $1.01
For market participants, the instability of Tether offers an intriguing conundrum of whether to opt into other more regulated stablecoins, including Circle dollars, Gemini dollars, or TrueUSD, providing the same 1:1 to the greenback option to Tether, although with more evident security and robustness, as some financial experts pointed out.
Availability and liquidity have likely been Tether’s number one driver of popularity and value, although with a new number of stablecoins tradable on key exchanges, including Okex and Huobi, the stablecoin flippening might keep unfolding.
Having dived to below 90 cents, Tether that should fluctuate at 1-to-1 with the evergreen buck has managed to have its footing trading regained at 99 cents.
Crypto assets, which differ from Bitcoin, also known as altcoins, have concluded the trading marathon on a quiet note. Most of them traded lower than Sunday’s settlement.
The currency pair ETH/USD lost 0.5% hitting $201.85. Moreover, the currency pair BCH/USD declined by 1.6% being worth $443.20. The currency pair LTC/USD dipped by 1.3% hitting $51.99. As for XRP/USD, this currency pair headed south by 1.1% demonstrating 45 cents.
Meanwhile, Bitcoin futures demonstrated a slow start. November delivery Cboe Global Markets futures XBTX8 rallied by 0.1% hitting $6,390. October delivery Cowhile CME Group futures BTCV8 soared by 0.2% being worth $6,390.
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