It has been a very turbulent night for Bitcoin and all of the alternative markets available today. With all markets losing as much as 10% of their value in quick succession, everyone is looking for a reason as to what happened. It appears there are a few interesting developments which can all influence the way these markets are moving. There is always much more to this industry compared to what is seen on the surface.
For quite some time now, a lot of cryptocurrency enthusiasts have claimed there is something amiss with Bitfinex and Tether. Both entities are suspected or artificially influencing the Bitcoin price, either for better or worse. These developments would then, in turn, affect all of the alternative markets as well, as they derive value from Bitcoin. In a new announcement, Bitfinex has scored a minor victory in terms of its legal proceedings. The New York Supreme Court agreed the injunction against Bitfinex was vague and overbroad. Because of this decision, both Bitfinex and Tether can continue their business as normal without any hindrances.