Bitcoin Price at $6,450, Crypto Market Stabilizes as Tether Recovers

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

According to Coinmarketcap, the daily trading volume of Bitcoin has increased from $3 billion to $7 billion in the past 24 hours, by more than two times. ShapeShift’s CoinCap.io also demonstrated a two-fold rise in the volume of BTC, from $2 billion to $5.6 billion.

Since then, the price of Bitcoin has fallen from $6,700 to $6,450, by around 4 percent. But, considering the abrupt surge in the value of BTC from $6,150 to $6,700 within several hours, a pullback was expected.

Within a two-day period, the Bitcoin price increased from $6,150 to $6,450, supported by a spike in daily trading volume. Overall, the state of BTC remains significantly more positive than the past week.

The 7 percent drop in the price of USDT from $1 to $0.93 led Bitcoin premium on cryptocurrency-only exchanges to rise by an identical margin, inflating the value of BTC. The real price of Bitcoin on fiat-to-crypto exchanges like Kraken, Coinbase, and Bitstamp peaked at $6,700.

As shown in the price chart of BTC on Bitstamp above, BTC is en route to testing major resistance levels in the $6,000 region. Fidelity, the world’s largest brokerage by assets under management, has announced its plans to facilitate crypto plans, which could serve as a catalyst to fuel the next rally of the crypto market by bringing in accredited investors in regulated US markets.

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