Bitfinex makes a comeback at the slander regarding the non-existent USDT trading volumes

Bitfinex makes a comeback at the slander regarding the non-existent USDT trading volumes
Oct 25, 2018 by Rico Wise

The accusations take their origin from interesting information revealed at CoinMarketCap’s website and connected with the tether/US dollar cryptotrading market on Bitfinex. As per the data on the abovementioned web page, the market of the trading pair at Bitfinex has recorded over 39 million US dollars in daily trading volume, rendering the pair the second most successful on the cryptoexchange. Furthermore, the site indicates the stablecoin’s value back at its original promised 1.00 USD peg.

This sparks curiosity for a number of reasons. First of all, USDT has not been trading at its initial value since the middle of October, with the peg suffering a break on October 15. As of now, the digital currency is valued on average at 0.985 USD, accounting for approximately a 1.5% discount to the currency its provider states is supporting it. Some cryptoexchanges offer even a bigger discount rate, especially on those where clients are enabled to engage in direct cryptotrading versus fiat dollar. For instance, the Kraken cryptoexchange is now valuating the tether/US dollar pair at approximately 0.97 USD.

Secondly, and most importantly, Bitfinex is not offering the trading pair in question. Instead, the cryptoexchange, which is notorious for its association with the stablecoin issuer, Tether Ltd., fuses the USDT tokens with dollars under the USD sign, which is probably the reason behind BTC’s current 100 USD premium at Bitfinex.

Bitfinex has made its counter-accusations towards CoinMarketCap, which it blames for misinterpretation of the data point in the API of the cryptoexchange operator, mistaking it for the trading volume, when in reality the indicator points merely at the activity connected with deposits and withdrawals. The cryptoexchange has also stated that any allegations connected with promotion of false trading volume are merely slander and an attempt to create FUD.