Bitcoin (BTC) and major altcoins are currently registering large losses after the mistake Tether (USDT) had yesterday night. Bitcoin is not the only virtual currency falling but other coins such as Ethereum (ETH), Bitcoin SV (BSV) or Litecoin (LTC) are also registering large losses.
Bitcoin and Altcoins Fall
It seems that there are some active bears in the cryptocurrency market. This can be seen in the recent price action experienced not only by Bitcoin but also by most of the digital assets in the market.
This massive price drop comes after an error registered by Tether (USDT) when it tried conducting a chain swap with Poloniex.
Paolo is correct – this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.
— Poloniex Exchange (@Poloniex) July 14, 2019
Paolo Ardoino, the CTO of Bitfinex and Tether, commented that they had an issue with the token decimals. This is why this resulted in the creation of $5 billion USDT. Although the market reacted positively the minutes after this issue, it resumed its bearish behaviour just a few hours later.
Tether is the largest stablecoin in the market and the most popular among traders. Nonetheless, this digital asset has been involved in different controversies and it has been accused of manipulating Bitcoin’s price. This is why the $5 billion printing has called the attention of the whole crypto market and affected Bitcoin price.
Currently, Bitcoin is being traded around $10,666 and it has a market capitalization of $190 billion. In the last 24 hours, the virtual currency fell 3.87%, as reported by CoinMarketCap. The worst performing crypto among the top 10 is Bitcoin SV that fell 10.7% during the same period of time with a market valuation of $2.43 billion and a price per coin of $136.
The second worst performing digital asset was Ethereum that fell also over 10% in 24 hours. It has a market capitalization of $25.53 billion and a price per coin of $238. Litecoin, which is expected to be halving at the beginning of the coming month, has also fallen 9.1%. Each LTC can be purchased for $90.
The main question is whether the current bear trend is going to continue or if it has already reached an end. Bitcoin enthusiasts consider that the most popular crypto is going to keep growing in the near future and eventually surpass its all-time high reached back in December 2017.
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