A company mistakenly created more than $5 billion worth of digital coins in an instant. The sudden flood spooked the market and drove down the price of bitcoin.
Investors got a reminder this weekend that the market infrastructure for trading cryptocurrency is still under construction.
On Saturday, the company behind Tether mistakenly created more than $5 billion worth of the digital coins in an instant—more than doubling the amount in circulation. The sudden flood spooked the market and drove down the price of bitcoin, the most actively traded cryptocurrency, by about 12%.
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