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The price of bitcoin has experienced dramatic gains on a major cryptocurrency exchange, rising by more than $1,500 on Bitfinex in the space of just a few hours. The sudden surge from $6,294 to $7,788 represented a 24 per cent rise in value, though it was not reflected across other popular bitcoin exchanges. Such a large price rise is instead being attributed to the exchange's use of tether – a cryptocurrency whose creators claim is pegged to the price of the US dollar on a 1:1 ratio. On Bitfinex, traders are required to buy and sell cryptocurrencies like bitcoin and ethereum using tether, but over the weekend the so-called 'stablecoin' dropped in value to $0.97. This drop in the price of ... Full story

15 October