Thursday , May 13 2021

Why did Lofto-Loop's market lose $ 10 billion a day?

The CryptoLook market was hit hard this weekend after New York's chief prosecutor expressed doubts about the stability of the digital currency in Tether, which plays a major role in global trade.

As a result, bitcoin lost 6.4 percent to $ 5,145 during early trading in Hong Kong. The total capitalization of the digital forex market reported by the CoinMarketCap platform contracted by about $ 10 billion.

The relationship, which is at the center of an investigation by the attorney general in New York, lost 1.9% of its value to $ 0.99.

According to the information, the companies behind Tether encryption and Bitfinex, one of the largest digital trading companies in the world, concealed a loss of $ 850 million from their customers and private funds.

The Plaintiff's statement said that Bitfinex's leadership had access to $ 900 million of Tether's cash reserves and thus had "conflicting transactions".

While skeptics have no doubts as to whether TETHERs really have serious real money reserves, most market participants supported crypto, which trades normally around $ 1.

Its value stability has turned cryptoLight into one of the most popular and served about 28% of virtual currency transactions in the last 24 hours, according to CoinMarketCap data. This makes the second most preferred currency after bitcoin.

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