Bitfinex-Tether controversy: Binance’s CZ announces impending transfer of USDT funds to new cold wallet address

The last day of April was bad for the cryptoverse as the collective market was colored red. The month saw the Bitfinex-Tether episode come to light, bringing down the valuation of Bitcoin [BTC] and other altcoins shortly after. The market was yet to recover from the skydiving prices, at press time.

IOTA [MIOTA]

Following the news about its integration with Jaguar, MIOTA jumped by almost 17% yesterday. Jaguar had announced that it will enable its drivers to earn IOTA [MIOTA], while sharing their driver data. Furthermore, the statement also said that IOTA would be developing “smart wallet” technology for Jaguar cars.

Although investor sentiment shifted in the token’s favor, it failed to sustain the momentum and saw significant correction on April 30. At press time, the coin was priced at $0.289 after falling by 7.30% over the past 24 hours. The token’s market cap stood at $803 million, with a 24-hour trading volume of $76 million.

Binance registered the highest trade volume for the token via its IOTA/BTC and  IOTA/USDT pairs, which was 26.32% and 15.98% of the total trade volume, respectively. IOTA/BTC registered $20 million in trade volume while IOTA/USDT accounted for $12 million.

Bitcoin Cash [BCH]

Bitcoin Cash suffered the bear’s wrath over the past week. After falling by almost 21.15% over the past week, the Bitcoin hard fork was trading at $236.51, at press time. The coin registered a market cap of $4.19 billion and a 24-hour trading volume of $1.4 billion. Any recovery in prices in the short-term was unlikely since the coin was still falling by 0.38% over the hour, at press time.

Many investors attributed several reasons, apart from the Bitfinex-Tether episode, for BCH’s failed price recovery. Twitter user, Joseph Fiscella, said,

“From what I understand, Bitcoin Cash $BCH is in serious danger due to the fragmentation of ABC/Unlimited nodes running on their network. ABC contains max reorg depth consensus code, which is not found in Unlimited, and could permanently split the network under certain conditions.”

OEX and LBank registered the highest BCH trading volumes, with $167 million and $123 million via BCH/USDT and BCH/BTC pairs, respectively.

Binance Coin [BNB]

Binance Coin enjoyed a relatively stable week after reaching its all-time high valuation of $25. The announcement of the Binance Mainnet acted as a catalyst to the surge in the token’s price. However, the Bitfinex-Tether fiasco, coupled with market correction and the fall of other altcoins, pulled the token’s price down.

At press time, BNB was trading at $21.46 with a market cap of $3.02 billion and 24-hour trading volume of $191 million. It was falling by 5.24% over the day. The token had fallen by 10.54% over the week and was falling by 0.71%, at press time. Binance registered the highest trading volume for the token via the BNB/USDT and BNB/BTC pairs, accounting for 24% and 15% of the total trade volume, respectively.

Cardano [ADA]

Cardano lost 17.68% of its valuation over the past week. Following the April 1 market surge, the token continued to fall through the month. Over the course of the past four weeks, the coin broke multiple support points, with investors and analysts trying to ascertain a bounce-back point.

At press time, the token was valued at $0.065 after falling by 5.09% over the past 24 hours. ADA registered a market cap of $1.69 billion and a 24-hour trading volume of $72 million.

“$ADA – I reopened my long position (at 1363) that I closed the other day. Daily support held on Binance without any closes below Green. Reclaiming 1404 as support is Key.”