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Bitcoin just flew past $7,700 on Bitfinex, most likely due to a whale or a large number of traders unloading Tether (USDT).

Tether appears to have lost its ability to remain pegged to the US dollar lately in light of ongoing problems with the stablecoin. A continued lack of any proper auditing and rumors that the coin doesn’t have sufficient fiat currency backing it has pushed investors towards other stablecoin projects like TrueUSD (TUSD) and the new Winklevoss twins ‘Gemini Dollar’ (GUSD).

With USDT’s value dropping below $0.96 today, it seems likely that large holders are moving their capital to Bitcoin in preparation for movement to other stablecoin platforms. The majority of trading seems to be happing on Bitfinex where Bitcoin (BTC) is now trading at $7,500, up a massive $1,200 in the past hour.

While Binance and OKEx are also experiencing large movements, up to around $7,000 each, it certainly seems like Bitfinex is leading the charge.

The past few weeks have seen low volume and low volatility, leading to a number of analysts predicting a break out that could signal the next bull run. It’s possible what we are seeing now is the beginning of that, although previous attempts at breakouts have been thwarted at around $7,400.

Coinlib.io is currently reporting an average price of approximately $6,600 for Bitcoin across all exchanges.

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