Tether (USDT) Holders Head for the Door

Tether (USDT) Holders Head for the Door

Bitcoin's price varies from exchange to exchange, but the weighted index of prices reported by Coindesk puts it at $6,502.14 as of 10:30 p.m. EDT, up from a daily low of $6,239.44 but down from an intraday high of $6,946.50. This has led to an inflated price averaged on CoinMarketCap of $6,650. When I was reading some of the social media last night, there were a great many traders on Bitfinex and other exchanges that didn't know what to do - they panicked did the only thing they could do to get rid of their Tether: buy Bitcoin, Ethereum and any other cryptocurrency.

Bitfinex paused deposits in fiat currency for "certain customer accounts" after they suffered some "processing complications".

Bitcoin's sudden spike was seemingly caused by a massive USDT selloff that, analysts believe, saw most users abandon the stablecoin to put their money on BTC. As a stablecoin, it has the backing of the US dollar in the ratio of 1:1. As a stablecoin, or a coin whose value is immune to the volatile price swings common to other coins, it acts as a bridge for investors and traders interested in coins that can not be purchased with fiat currencies. Bitfinex is a major Crypto exchange that offers nearly all of Tether liquidity to the US Dollar. According to the same aforementioned insiders, some over-the-counter crypto trading platforms have overtly expressed interest in collaboration with Deltec to redeem USDT at a 1:1 ratio with bona fide U.S. Dollars.

"Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this". The premium suggests that Tether holders may be rushing for the exit. Shortly afterward, Bitfinex announced on its blog that it was partnering with the UK-based HSBC to replace Noble Bank. "Such price supporting activities are successful, as Bitcoin prices rise following the periods of intervention".

It is likely that these misgivings will continue to shadow tether and Bitfinex, with traders rotating funds out of the stablecoin into bitcoin. A proper audit would make this clear and transparent.

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It didn't take long for the cryptocurrency community to bash Tether.

Tether has been having a hard time over the past few weeks.

Although the memorandum was produced by a major Washington D.C. law firm, it does not absolve Tether of any of the circulating rumors. Tether has a market cap of $2.43 billion and $4.54 billion worth of Tether was traded on exchanges in the last 24 hours. For every unit of Tether, there are expectations that there is a unit of US Dollar to it.

Last week, well known cryptocurrency exchange Bitfinex suspended deposits in fiat currency. The surge also raised questions on the effect of Tether and stable coins on cryptocurrency prices.

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