Bitcoin Price Rises to $6,450, Cryptocurrency Market Stabilizes
The cryptocurrency market experienced one of its wildest fluctuations in recent years over the past 72 hours and this was triggered by the increase in the Bitcoin price.
The decline in the value of Tether (USDT), a stablecoin backed by the US dollar on a 1:1 ratio, led premiums on major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to materialize, briefly pushing the price of BTC to $7,700.
This notwithstanding, the price of BTC on fiat-to-cryptocurrency exchanges such as Coinbase and Bitstamp did not exceed $6,700. Also the recovery of BTC from $6,150 to $6,450 supported by a rise in daily trading volume from $3.2 billion to $4 billion is considered a positive market development for the mid-term.