Market rallies with Tether instability – October 15

Current Bitcoin Price: $6653 (as of 8:00 AM PST)

Today is another exciting day for the charts, so instead of spoiling all of the best price action here, we’ll dive right into today’s main story and see how it’s been affecting the market…

Top Bitcoin & Crypto News Stories for 15th October 2018

Market rallies with Tether instability

This weekend had been pretty quiet on the cryptocurrency price charts, so it was to everyone’s surprise that the market started making big moves last night. While nothing’s for sure, here’s our take on what happened.

Tether, the cryptocurrency supposedly “tethered” to the value of a dollar, started dropping in price, reaching a floor at $0.94. There have been a lot of concerns recently about whether each coin is really backed by a dollar, so it appears that this triggered mass fear in the market as investors looked to liquidate their positions.

The most obvious way to do this, then, way by purchasing Bitcoin and other cryptocurrencies. This saw the price of Bitcoin skyrocket to up to 7800 USDT on some exchanges, with the real USD:BTC pair reaching a peak of $6800 on Coinbase.

The flash pump, which has since stabilized a little (just like Tether’s price), propelled the entire market up by around 10%. Currently, Bitcoin, Ethereum, and XRP are all up by 4-5% to the dollar on the day’s chart.

XRP in talks with White House

XRP is the centralized cryptocurrency managed by the Ripple foundation, and has made more than a ripple in the banking waters with its global payment solutions.

Supposedly, key Ripple team members such as Chief Marketing Strategist Cory Johnson are in talks with the White House, as the administration scrambles to get-in-the-know on crypto.

Soccer celebrity Beckham buys crypto

Another trivial story to finish the day: English soccer celebrity David Beckham has allegedly purchased his first cryptocurrency holdings on Coinbase, as suggested by a post on Coinbase CEO Brian Armstrong’s Instragram page.