Crypto Market Relieved as $1 Billion Bitfinex Sale Calms Nerves

Bitcoin no longer trades at a premium on Bitfinex, the cryptocurrency exchange at the center of a funding scandal, now that one of its executives has said it successfully raised $1 billion, which could cover potential losses.

The difference between Bitcoin’s price on Bitfinex and that of other online exchanges, which was around 6% at the start of the month, shrank to a slight discount on Tuesday. The cryptocurrency was at $8,025 per dollar on Bitfinex as of 10:36 a.m. in New York, compared with $8,066 under Bloomberg composite pricing.