It seems that Tether will still be the top choice for traders despite the harsh criticism about the cryptocurrency not having the total fiat backing as well as the many banking troubles with iFinex. Let’s find out why this is the case in the latest Tether news today.
The market share of USDT is above 96 percent even though many stable coins aim to change this situation. It turned out that the fully fiat-backed stable coins are now used as a fiat off-ramp and the supply is only getting down. Despite the low expectations for USDT, Tether managed the coin supply and the worst thing that happened to it was a drop to the $0.85 during a panic episode in 2018. After that, USDT was still used.
In 2019, Tether expanded the supply to above 4,108 billion tokens and the Omni-layer coins were moved to the ETH network which became even cheaper and easier to transfer. The USDT transfers with the ERC-20 tokens picked up and expanded to more exchanges than ever. Instead of getting concentrated on small markets, Tether is now spreading to a longer list of crypto-to-crypto markets and the stabelcoin now facilitates arbitrage and moves the markets for the leading altcoins.
Tether will still have the skeptics and so far it managed to survive the liquidity of the crypto markets. The altcoin is still threatened by the USD-based futures markets but the bulk of BTC is now traded on spot markets. Tether is making forays into the futures trading similarly as the OKEx case and the USDT settled futures. Moving to the newer chains also means that the USDT is working on multiple markets.
The main advantage of Tether is increasing adoption. NiceHash adopted the cryptocurrency for the internal trades and now USDT is acting across all of the markets and does not show the pattern of minting which is followed by price pumps. Tether still correlates most of the activity with the major moves of Bitcoin. It is still used despite the fact that the company is a target of the class-action lawsuits that accuse the company of market manipulation. Tether of course, denied all allegations saying that the USDT demand is organic. Some sources, however, claim that China is an important point for the USDT demand.
Ex-Circle Head Believes Tether Didn’t Manipulate Bitcoin 2017 Rally
“The majority of net buying inflow was on Coinbase. And that was purely because Coinbase was the fastest and easiest way to get into the industry and buy Bitcoin, hands down.”Bitfinex has been hacked in the past and also doesn’t guarantee losses and was not appealing for the newcomers. This also led to a lower price of Bitcoin. With this in mind, Matuszweski described the movements as a daily scramble that sent every spare dollar to Bitfinex in order to buy Ether and Bitcoin. Onboarding was extremely easy because of the painless functionality to change the dollars to Tether. He continued:
“What came in from settlements and what’s not nailed down and spoken for? Right take all that money, boom, and shoot it over to Bitfinex as fast as you can. Because you wanted to get as much money there as you could. So you could buy Bitcoin and Ether primarily… and send them over to Coinbase, and then yank the money out of the door as quick as you can.”As such, the issuance of Tether blew up and spread the difference between Coinbase and Bitfinex but the issuance was symptomatic of what was going on with the price arbing. With the allegations that the bitcoin bull run was a result of market manipulation with the help of Tether, Matuszewski noted:
“I can tell you billions of dollars were sent in, like to make Tether, I can 100%, without question verifiably guarantee that happened. I did it, I was there… That money was not being hypothecated, it wasn’t just coming out of thin air.”
Tether Reaches 4Th Top Crypto As Market Cap Drops To $200 Billion
Tether’s Volume Is Booming Amid Crypto Market Drop
Bitfinex Is Under New Legal Attack With Another Lawsuit Filed
“[…] All claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal option against those bringing and promoting baseless claims[…] These absurd and groundless accusations are an attack on the growth, success, and innovation of the entire digital token ecosystem, in which Bitfinex is proud to play a critical role[…] Our fight is the community’s fight.”As Bitfinex is under new legal attack, both the exchange and Tether (USDT) defend their ground. The latest cryptocurrencies news show that they are both operated under one umbrella - the company called iFinex - and have been in a lot of controversial stories in the past.Meanwhile, market manipulation is another thing which Bitfinex was accused of in the past. However, both Bitfinex and Tether denied all accusations so far, stating that they were "written in bad faith" and that the case is yet to see a final resolution.
Bitmain Announces Expansion In South America: Report
Chinese BTC Miners Extend Their Share Of Global Hashrate To Two-Thirds
Worst Year For Bitcoin Mining As Difficulty Increases To All-Time Highs
Big South Korean Exchange Faces Hundreds Of Accusations
Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled
Kraken Adds Two New Options For GBP Deposits And Withdrawals
MATIC Collapses 70% In Less Than Hour Showing Liquidity Issues
Matter Labs Announces New ‘’VISA-Scale’’ Solution For Ethereum
Coinjer Scam Emerges On The Markets: Tips To Protect Yourself
High Influx Of Institutional Investors For Bitcoin-Where Are They?
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
- Bitcoin News6 days ago
Billions Of Bitcoin Moved In Minutes: What Happened?
- Altcoin News6 days ago
Deutsche Bank Thinks Crypto Will Replace Fiat Currencies By 2030
- Litecoin News6 days ago
Miami Dolphins Are Officially Accepting Litecoin (LTC) Payments
- Ethereum News6 days ago
EY Blockchain Team Allows Sending ETH Anonymously For Under $1
- Ethereum News6 days ago
Ethereum Gets New Boost From Accounting Firm Ernst & Young
- Altcoin News6 days ago
Cryptocurrency Exchange Kraken Adds Support For Swiss Francs (CHF)
- Ethereum News4 days ago
Ethereum Istanbul Is Now Live: Faster, But Is It The ‘World Computer’?
- Ethereum News5 days ago
Ethereum Istanbul Blockchain Upgrade Is Now One Day Away