Bitcoin (BTC) Smashes Through $6,000 on Bitfinex in Wake of Tether Scandal, Shorts Liquidated

bitcoin trading

Despite BTC/USD Shorts being almost the highest they’ve been all year, Bitcoin has smashed through the $6,000 mark on troubled exchange Bitfinex.

At $6,130, the price of BTC is currently slightly inflated on Bitfinex possibly due to customers trying to move funds off the exchange following the recent Bitfinex/Tether (USDT) scandal. Prices across the board on other exchanges including Kraken, Bitstamp, Coinbase, and Bittrex are averaging around the $5,800, but are likely to catch up to Bitfinex soon if this rally continues.

According to data from Trading View, BTCUSD Shorts reached almost 31500 yesterday, the highest level they’ve seen since the 3rd of January this year. The reaction is likely due to the ongoing Bitfinex/Tether scandal which has rocked the crypto market, sparking fears of an impending crash. However, despite the widespread FUD and jittery sentiment, Bitcoin has somehow managed to continue climbing in spite of the controversy.

A green market

Bitcoin is up almost eight percent today with the majority of altcoins following suit. Litecoin (LTC), EOS, and Binance Coin (BNB) are all experiencing similar seven to eight percent gains, with Bitcoin Cash (BCH) at six percent and Ethereum (ETH) around 4.5 percent gains. XRP and Stellar Lumens (XLM) are lagging behind a bit with only one to two percent gains.

The $6,000 mark is seen as specifically significant since it is around the level that Bitcoin was trading at for many months last year before crashing catastrophically to almost $3,000. If Bitcoin can break $6,000 and maintain a strong position above it, the news will likely draw back investors who exited the market late last year.

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