Tether (USDT) is one of the viral topics in today’s crypto news section, especially after sinking to $2.2 billion as another 250 million USDT exists circulation. The loss of the US dollar peg is also driving down the market cap of the dollar-pegged stablecoin, which is the largest one in the altcoin market.
The USD-backed token started its fall a few days ago, dropping from the $2.9 billion which it had since late August – to $2.2 billion in market cap, representing a two-month decline of 25%.
A portion of that decline is a direct result of the USDT price and its fall below $1.00 in assets that are apparently backing each other. As we reported earlier, the USDT/USD peg slipped away first yesterday, throwing major uncertainty into the market that relies on billions of dollars worth of Tether that is trading on a daily basis.
Even though the dollar-pegged stablecoin managed to climb to $0.98, the Tether price dropped to as low as $0.85 on the Kraken exchange, before recovering to the present value. What’s most interesting is the fact that early this morning, Tether (USDT) yanked 250 million USDT out of circulation after Bitfinex sent payments of 50 million USDT and 200 million USDT to the token’s treasury address.
As of today, the Tether treasury is holding more than 736 million USDT, funds that according to the company “have been authorized, but not issued.”
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
"Today's Order stands as yet another in the string of cases showing the CFTC's commitment to actively police the virtual currency markets and protect the public interest," is what is written in the CFTC enforcement document.
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
“In London, I see a lot of finance people getting into it. People with 10, 20 years of forex experience are trying their hand at it. It’s drawing a lot of people from traditional financial circles, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”Meanwhile, his exchange CoinJar, will consider the possibility of floating a stable currency, even though the market has a number of players in that circle, according to Tan. As he added in the report:
“There are a few Australian stablecoins already – I think there are three or four out there. I think many of them would be happy for us to utilize them. The question is, how do we try to leverage some of these things to provide a better user experience for our users?”Earlier this year, CoinJar introduced the first cryptocurrency index fund, offering wholesale investors with net assets of more than $2.5 million (AUD) to cryptocurrency while shifting the custody responsibility to CoinJar.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing
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- CFTC With A Fine Of $1.1 Million To Crypto Fraudster
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- CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
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