Concerns and fears over rumors regarding Bitfinex's "insolvency" and Tether (USDT) losing its dollar-peg led to a strong reaction from the crypto market. The prices of all major cryptocurrencies surged about 10% earlier today, but have now corrected. Many are now attributing the wild fluctuations in crypto prices to concerns regarding whether Tether actually has as much USD in reserve to back the current amount of circulation of its stablecoin, USDT. OKEx also began listing 4 new stablecoins today, which means USDT will have even more competitors now.
