Tether and Bitcoin prices diverge on exchanges following fraud investigation66

Tether, the leading stablecoin, recently unpegged from the US Dollar after news that the New York State Attorney General is investigating iFinex Inc., which operates Bitfinex and owns Tether Ltd. USDT dropped as low as $0.975 against the US Dollar while the other top three stablecoins—USDC, TUSD, and PAX—enjoyed an approximately 6.5 percent premium.

A recent study conducted by CryptoCompare, a global cryptocurrency market data provider, determined that Tether dominates the stablecoin market. The report concluded that as of the end of Mar. 2019, the trading pairs BTC/USDT represented 98.7 percent of Bitcoin’s trading volume against the top five stablecoins, including USD Coin, TrueUSD, Paxos Standard Token, Dai, and Gemini Dollar.

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