Bitcoin Spikes to Over $7000
 

The price of Bitcoin briefly spiked to nearly $7800, before falling back down and stabilizing at $6650. This brings Bitcoin back to the price it was at before last week's big drop to $6250 a coin. CCN says that massive Tether selloffs were related to the spike, as that cryptocurrency is now sitting at $0.90 per coin. Tether has been used to manipulate Bitcoin prices before. The needle then points to one thing: whether Tether has funds to support its USDT supply or not? It can only be found out with a clear and transparent audit. But, even on that front, the project has not come reasonably well. Against the promises made in their original whitepaper, the Tether team has not conducted a proper financial audit. It had however hired a legal firm, which already had a business relationship with Tether and Noble Bank, to perform an inspection. All stories collectively have created a negative community sentiment for USDT. Retail investors are already exchanging their Tether holdings for Bitcoin and other top coins, which have also seen an impressive rally in the past 24 hours.

http://www.hardocp.com/news/2018/10/..._to_over_7000/