Amid FTX Rumors Tether’s USDT Peg Of $1 Wobbles – What’s Going On?
The crypto market still seems to be in the grasps of FTX and Alameda. Currently, rumors are circulating that Tether’s stablecoin USDT might be more affected by the downfall of FTX than it would like to admit. Moreover, there currently seems to be an attack on USDT as a result of which Tether (USDT) briefly lost its usual peg to $1. The largest stablecoin by market cap was trading below $0.9400 temporarily at Kraken, other exchanges saw minor deviations. Sam Bankman-Fried company Alameda, which borrowed $250,000 USDT from Aave and exchanged it on Curve this morning, may be behind the....
Related News
ETH’s price loses its $1,200 demand zone in the early hours as Binance rejects FTX takeover, with the price responding with a bounce from its daily low. ETH’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. ETH’s price bounces from a low of $1,100 on the daily timeframes as the price aims for the 50 and 200 Exponential Moving Averages (EMA) In the last two days, the crypto market has been erratic, with the price of many altcoins, including Ethereum (ETH), battling for survival after the....
Tether’s USDT stablecoin dominates crypto market volumes but data shows its $15.7B market cap does not negatively impact Bitcoin’s volume. Tether’s (USDT) stablecoin has been the leading base pair for cryptocurrencies for over eighteen months. This is a rather impressive feat given the ongoing court case with the New York Attorney General and the other frequent rumors that USDT is not sufficiently backed or subject to regulators' reach. USDT has also been the dominant stablecoin in China even though the country banned cryptocurrency exchanges in 2017. This is because large exchanges like....
The fallout from Terra’s collapse continues as outflows from Tether (USDT) hit an average of $1.1 billion a day over the past week. Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT) resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion.The amount withdrawn from the top stablecoin is nearly double the $4.1 billion it held in cash reserves at the end of 2021 according to Tether’s latest reserves report from December 2021.To maintain Tether’s peg with the US dollar the company behind the token backs....
Bitcoin’s new highs come amid lots of new money pouring in via stablecoins. According to Tether’s official transparency data, the USDT market cap crossed a $17 billion mark for the first time, hitting over $17 billion in total assets.Tether’s market cap has been growing exponentially in 2020. As of mid-September, Tether’s market cap saw nearly a four-fold increase since the beginning of the year, surging above $15 billion from around $4 billion. According to data from crypto analytics firm Messari, USDT saw a notable increase from August 2020 to date. As such, USDT added more than $5....
In the world of stablecoins, Tether USDT was the king until the crash. Since then, others have fought seriously to take the position. But amid all the striving stablecoins, reports have revealed that USDC might soon take over the its position. The 2022 crypto market crash left a sour taste for the investors. Even though […]