Cryptocurrency Markets rise as fake news on Binance delisting Tether (USDT) goes viral

Panic ensued on cryptocurrency markets after a “fake news” regarding Binance delisting Tether (USDT) from their platform vent viral on social media. A screenshot of an “email” from Binance went viral on Sunday night on Telegram and Facebook groups, stating that Tether would be delisted from Binance because it has been deemed as a scam by the Binance Digital Assets analysis team.

Screenshot of the fake email

The markets reacted positively following the fake news. People converted USDT for popular cryptocurrencies such as Bitcoin, Ethereum and Ripple. Bitcoin was up by 7% on Monday morning 8 AM trading close to $7,000. It has since then dropped in value and is currently trading at $6659.

Binance’s founder Chang Peng Zhao took to Twitter to clear the FUD. He stated that the image being shared is fake news and Binance has no such plans of delisting cryptocurrencies. As a matter of fact, he just retweeted a tweet shared by Boxmining stating the Binance delisting is a fake news.

so much easier when someone does the work so I only have to retweet. 🙂

— CZ Binance (@cz_binance) October 15, 2018

Tether price took an instant hit and hasn’t recovered since then. Tether is currently trading at $0.958, a 4.2% drop in value from its actual value. The lowest Tether went is on Bittrex for USDT/USD pair trading at $0.91. Tether price has remained unaffected on Bitfinex, the company responsible for the creation of Tether.

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