The world’s most valuable crypto asset, Bitcoin (BTC), which fell to $ 26,600 on Thursday, gained 13% on the Bitfinex exchange. This was the lowest level it had seen since December 2020.
The increase in Bitcoin was largely due to the easing of concerns about Tether. The world’s largest stablecoin network tumbled over 6% at one point on Thursday amid concerns about the quality of its support.
Tether, pegged to the dollar, began trading near its 1:1 equilibrium price after its CTO Paolo Ardoino reassured investors by saying that more than half of its reserves are held in liquid, risk-free Treasury securities. Ardoino said that the amount held as credit-risk short-term commercial paper has fallen in recent weeks. He did not provide detailed information about the credit quality of the commercial paper portion of the reserve.
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