After beginning the day around $6,200, bitcoin BTCUSD, +4.25% traded to an intraday high of $6,960.68. On the Bitfinex exchange the price of traded to an intraday high of $7,788, creating a premium of more than 10%.
Tether tokens are supposed to be tied to the U.S. dollar, with the eponymous company behind them claiming that it has a dollar in it’s accounts for each token it issues. There is no evidence to support this claim, but the token is still often used as a dollar substitute for trading purposes, as they are more easily transferred between exchanges than dollars are.
The sudden rise in the bitcoin price this morning was signaled by a sell-off of the Tether coin.