Crypto prices dip as tether nears dollar parity
Most cryptocurrencies were a little lower in price on Friday morning, with tether – the dollar-backed stablecoin – bucking the trend as it continued its climb back towards parity with the US currency.
The relationship between tether (USDT) and bitcoin (BTC) has produced some interesting moves in the cryptocurrency market in recent sessions.
The USDT/BTC cross is one of the most liquid currency pairs and bitcoin’s price spike earlier this week as investors dumped tether over fears its peg to the dollar was failing. This pushed the bitcoin price up to an intraday high of near $7,400 on Monday.
Tether has slowly been recovering since, and on Friday it was back up to 98 cents against the dollar.
Price round up
Here’s how the rest of the crypto top 10 shaped up on Friday morning at 11am [London time]:
- Bitcoin -1.6% at $6,562
- Ethereum -2.5% at $206.89
- Ripple XRP -3.5% at $0.46
- Bitcoin cash -3.3% at $443.98
- Eos -2.3% at $5.44
- Stellar lumens -3.5% at $0.24
- Litecoin -1.4% at $53.69
- Tether +1.4% at $0.98
- Cardano -4% at $0.08
- Monero -3.3% at $106.11