Tether (USDT) Price Breaks Below the Dollar Peg
The recent encouraging (BTC) rally once again came with stern warnings concerning the influence of Tether (USDT), the leading stablecoin. Unprecedented trading activity above $45 billion’s equivalent and heavy selling pressures led to a breakdown of the USDT dollar peg, falling as low as $0.98.
While this breakdown is not catastrophic, it is an indicator of a possible scenario, where USDT unravels to a much lower level. So far, the loss of trust has not materialized as expected, but selling pressures certainly affect USDT.
During last week’s sell-off, each USDT coin went through the trading ecosystem more than 10 times in 24 hours. This turnover happens a…
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