Crypto markets roiled as traders question Tether's dollar peg


By Andrea Tan, Eric Lam, and Benjamin Robertson
Bloomberg News
Monday, October 15, 2018

A sudden exodus from the most popular dollar-linked cryptocurrency rippled through digital asset markets on Monday, saddling some investors with losses while propelling Bitcoin to its biggest gain in more than three weeks.

Tether, the so-called stablecoin used as a substitute for the U.S. currency on crypto exchanges around the world, broke its historically tight link with the greenback, touching 85 cents on U.S.-based venue Kraken.

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Transactions on Binance, one of the world's most active platforms for Tether, recently implied a price of about 96 cents, according to Bitcoin jumped as much as 8.9 percent to $6,769 as Tether holders shifted into alternative virtual currencies.

"If traders start to flee Tether, it's a potentially precarious situation," said Vijay Ayyar, head of business development at Luno, a cryptocurrency exchange. "It basically implies a lot of volatility ahead." ...

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