On April 25, cryptocurrency markets tumbled after the controversy between the New York Attorney General’s (NYAG) office, the stablecoin company Tether, and Bitfinex exchange. Since then, prices have slightly recovered and the entire cryptoconomy regained $4.3 billion after losing $10 billion last Thursday. Moreover, out of the top 10 cryptos by market capitalization today, bitcoin cash (BCH) leads the way by gaining more than 5% in the last 24 hours.
Crypto Markets Show Improvement After Last Week’s Price Dip
Over the last six days, the crypto community on social media has been all riled up over the Tether and Bitfinex controversy. Last week, the NYAG accused the cryptocurrency exchange Bitfinex of losing $850 million and allege the company used Tether to cover the loss. Following the announcement, nearly every cryptocurrency dropped in fiat value, losing 5-15% over the course of the day. Since then, however, there’s been some slight recovery as market prices are doing much better but global trade volume is lower. Today, the aggregated average across all of the popular exchanges shows bitcoin core (BTC) is sitting at roughly $5,369. However, there’s a huge spread between most spot exchanges (Bitstamp $5,292) compared to Bitfinex, which is $300 more and trading at $5,600 at press time.
The second largest capitalization belongs to ethereum (ETH) as each coin is swapping for $160 per unit. Ripple (XRP) follows behind ETH and each token is trading for $0.30 per unit and markets are down 1.2% today. The fifth largest market cap still belongs to litecoin (LTC) and each LTC is currently $72.