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Bitcoin jumps on credit scares; Loyalty enters the Crypto Ball



Bitcoin rose sharply on Monday after a credit crunch on a key cryptocurrency swap triggered a run on # 1 digital currency.

After the start of the day around 6,200 dollars, Bitcoin

BTCUSD, + 4.26%

listed at the Octopus Exchange at an intraday high of $ 6,960.68. On Bitfinex, the third largest cryptocurrency exchange by volume, Bitcoin's price was trading at an intraday high of $ 7,788, according to CoinMarketCap data, yielding a premium of more than 10%.

The increase in Bitcoin was driven by Tether (USDT), the Stablecoin on the Bitfinex exchange, which traded at 88 cents. A Stablecoin is traditionally at or very close to $ 1

, as it is a US Dollar-based coin used by investors to trade between different cryptocurrencies, as opposed to getting in and out.

"People were willing to pay more to get Bitcoin and pull USDT off as credit risk worries swirled," said Charles Hayter, co-founder of CryptoCompare.

Tether has been closely examined in the past to see if he actually holds enough dollars to support his Stableco.

On Monday, a single Bitcoin changed hands for $ 6,527.24, an increase of 4.4% since Sunday at 5pm. Eastern Time in Kraken Exchange. While on Bitfinex, Bitcoin was still trading at a premium at $ 6,908.

Read: How Bitfinex, Tether raises eyebrows in the cryptocurrency market

The jump in Bitcoin has raised smaller coins called Altcoins. ether

ETHUSD, + 3.03%

rose 3.1% to $ 201.05, Bitcoin Cash

BCHUSD, + 1.05%

increased 1% to $ 442.60, Litecoin

LTCUSD, + 2.46%

was 2.2% at $ 53.07 and XRP

XRPUSD, + 3.61%

is traded at 44 cents, an increase of 6.4%.

Bitcoin futures track spot prices higher on Monday. The Cboe Global Markets October contract

XBTV8, + 3.18%

traded 3.4% higher at $ 6,410, during the CME Group October contract

BTCV8, + 3.64%

rose 3.6% to $ 6,405

Fidelity Offers Crypto Services

Fidelity Investments announced Monday that it has a new company on has brought the market that will offer crypto-commerce and security offerings to customers.

The company, Fidelity Digital Asset Services LLC, will provide services to hedge funds, family offices and other market participants, according to a press release.

"Our goal is to make digitally innate assets like Bitcoin, more accessible to investors," said Abigail P. Johnson, Chairman and CEO of Fidelity Investments in a statement.

Further reading: Fidelity Launches Cryptocurrency Trading Platform

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