Topic: Tether loses 10 billion dollars (Read 355 times)
That's a big amount and possible reason behind this, could be so many. As it is bear market, so withdrawing assets can be considered as common matter even bitcoin, Ethereum are also being sold and thats why they are dumping. Other reason could be, this is because of the effect of UST! Teher don't have fully backed by usd so its wise to move for decentralize. Or maybe the withdraw Because they want to altcoins & take advantage of bear market
I saw the chart you provided reminds me of events such as UST, moments before the collapse of the UST price there was an extraordinary destruction, even though USDT has very high strength it does not provide a guarantee that USDT can remain stable, the trading volume of USDT can collapse instantly if something happens the bad one. for investors or those who have assets in the form of USDT with amounts must remain cautious.
When the market collapses, there there will be panic situation among the investors this is natural. In this case, whales or big investors always try to be safe. Thousands of big investors have lost what Luna did a few days ago. If a stable coin ends like UST, it will have an effect on the market. Investors are now thinking about the same that has been done in the market with Luna. If there is any doubt about any other project, they will withdraw their money from it, this is natural. but I don't think there will be any such problem in Tether.
The difference between whales and us is that they have money they could lay back towards, whereas we do not have that. Imagine a situation where someone makes 30k a year in the USA, that person is a poor person, it would be SUPER rich in my nation but in the USA that is not enough. And this guy managed to work in UBER for his excess time, basically have no life left, and use all of that to buy about 50k dollar worth of bitcoin recently.Same period but we are talking about someone who has 1 million dollars income yearly, and he invested 50k as well and has a lot more left in other stuff. Which one of them would be able to feel relaxed when bitcoin goes down? Simple answer, right?
I'm just being safe and choosing different stablecoins.I think the last situation has already taught many that it is not worth keeping only one asset so that they wake up in the morning and realize that you have lost everything.It is important to always be prepared for the worst-case scenario.
Without a doubt this is going to make a lot of people that are holding tether to take a very good look at this situation, after all for a very long time there have been many accusations against tether about their tokens not maintaining the one to one ratio they claim.So while I have my doubts this is going to precipitate a crash similar to what we saw with UST it is important to keep looking at the situation and see how it develops, as even if you are not invested in tether if it were to collapse I think we could see a drop in the price many times worse than what we saw with UST.
When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.
Like they said its just a 10B, its tiny amount for a stablecoin that's on the top 3.
But some crypto observers are already expecting more stablecoin scam and they were suspecting USDT to be the next since a lot of circulating articles already about it not backed by real USD. So far nothing was said to counter this and then there's SEC who are eager to get their hands on stablecoin regulation while the FED also wants to release their own FEDstablecoin.
Capitalization has gone from $83 billion to $73 billion, so that's not a small amount.
In my opinion, it is not strange that investors are selling USDT when one of the biggest stablecoins collapses (LUNA).
Tether has already been audited several times to verify that all USDT are backed in USD and has passed all audits so far. In my opinion, for security reasons, SEC should check them again. Then we'll all sleep better.
Maybe you are talking about recent audits because way back in 2019, Tether itself admitted that they were not fully backed at one point.
https://www.coindesk.com/markets/2019/11/08/tether-says-its-stablecoin-is-fully-backed-again/
However, even with audits, how sure are we that we are getting the absolute truth behind their assets?
So for me, there's a reason for some holders to switch to other assets and find more solid platforms.
That amount, 10B is already huge to some. It may not be significant to USDT but it is a dent on their market.
When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.
Like they said its just a 10B, its tiny amount for a stablecoin that's on the top 3.
But some crypto observers are already expecting more stablecoin scam and they were suspecting USDT to be the next since a lot of circulating articles already about it not backed by real USD. So far nothing was said to counter this and then there's SEC who are eager to get their hands on stablecoin regulation while the FED also wants to release their own FEDstablecoin.
Capitalization has gone from $83 billion to $73 billion, so that's not a small amount.
In my opinion, it is not strange that investors are selling USDT when one of the biggest stablecoins collapses (LUNA).
Tether has already been audited several times to verify that all USDT are backed in USD and has passed all audits so far. In my opinion, for security reasons, SEC should check them again. Then we'll all sleep better.
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as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
I also use Tether and I agree it works, but Tether data is not very reliable. The $10 billion you see in the chart may not have any equivalent in bank accounts. Save the day with Tether, but never trust it. It has a completely opposite structure to the understanding of cryptocurrency. On the other hand, the FED is giving high interest rate signals. We are entering a crisis period for the real sector. Investors may also want to invest in the real sector. Maybe that's why they withdraw their money. Everything is possible. We need to stay calm. I wish you a good day.
When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.
Like they said its just a 10B, its tiny amount for a stablecoin that's on the top 3.
But some crypto observers are already expecting more stablecoin scam and they were suspecting USDT to be the next since a lot of circulating articles already about it not backed by real USD. So far nothing was said to counter this and then there's SEC who are eager to get their hands on stablecoin regulation while the FED also wants to release their own FEDstablecoin.
When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.
Investors have taken out 10 billion dollars out of tether in these past few weeks according to The Guardian
You can visuals it better by looking at their marketcap graph: https://imgur.com/Q5s0Sgk
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
You can visuals it better by looking at their marketcap graph: https://imgur.com/Q5s0Sgk
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
I doubt that they have never lost 10 billion dollars before. And how can you say that they are the whales? and if ever they are the whales I still don't think that there is something happening behind that we don't know. Maybe they are just trying to manipulate the market and take advantage on the current bear market because actually they can. Plus tether is back by dollar, and I don't think there is something happening to us dollars that make them worried. So stop overthinking mate. What happening right now is just a normal market situation every bear market.
Investors have taken out 10 billion dollars out of tether in these past few weeks according to The Guardian
You can visuals it better by looking at their marketcap graph: https://imgur.com/Q5s0Sgk
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
You can visuals it better by looking at their marketcap graph: https://imgur.com/Q5s0Sgk
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
LUNA was a very large stablecoin and had a very good reputation, yet the project failed. Certainly, some investors fear that other stablecoins may suffer a similar fate. Tether is dollar backed unlike LUNA which was bitcoin backed. This greatly distinguishes the two projects from each other, but it is possible that someone simply does not know about it and is transferring their money elsewhere for security reasons.
As for my own personal opinion, this is just another day of business in USDT though I am aware that there are some concerns of the company behind this stablecoin not very transparent enough which of course can be the basis of some speculative ideas as to its strength and longevity in light of what happened to UST. No wonder that regulators are now pushing for an established parameters where stablecoins can be able to play especially in the cryptocurrency marketplace most notably with trading. We are, of course, hoping that everything just speculation as I could not imagine what will happen to the whole crypto industry if Tether will collapse.
When the market collapses, there there will be panic situation among the investors this is natural. In this case, whales or big investors always try to be safe. Thousands of big investors have lost what Luna did a few days ago. If a stable coin ends like UST, it will have an effect on the market. Investors are now thinking about the same that has been done in the market with Luna. If there is any doubt about any other project, they will withdraw their money from it, this is natural. but I don't think there will be any such problem in Tether.
Investors have taken out 10 billion dollars out of tether in these past few weeks according to The Guardian
You can visuals it better by looking at their marketcap graph: https://imgur.com/Q5s0Sgk
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
You can visuals it better by looking at their marketcap graph: https://imgur.com/Q5s0Sgk
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?
Do you really think that there is no reason for such a thing to be glimpsed.
In fact the stablecoins have ceased to be so, it is not a new issue, it is something that has always been said, the stablecoins are uncertainty coins, they are self proclaimed stable, Beyond that pompous name, they are still another token within the crypto niche.
There has been a trust and audit issue with USDT. That's why if you worry about the authenticity of backing up its numbers, you choose another better stable coin in your opinion. One can verify and the others don't want to spend time checking it but the fact that it's at the top of the stable coins won't change. You have an option for a decentralized one which is the DAI and these are far from falling just like what UST has happened. Well, to avoid that happening from that worry, you really have to choose which is trustworthy based on the researches that you'll conduct.
doesn't matter if the reserved fund that's pegged for the USDT is still there and not algorithmic, since it's real backed up with real money then even if there is someone withdrawing more USDT it will definitely be fine.
Unlike algorithmic UST that could get shaken if the market condition become bad and at the same time there is massive selling for the UST because it is an algorithmic that relies heavily in various instruments like other cryptocurrencies.
Unlike algorithmic UST that could get shaken if the market condition become bad and at the same time there is massive selling for the UST because it is an algorithmic that relies heavily in various instruments like other cryptocurrencies.
That's right, While there is still a risk to holding USDT, USDT is not a UST. USDT is backed by the dollar and a few days ago Tether also released the results of its audit for the first quarter with total assets amounting to $82 billion while a circulating capitalization of $74 billion.
Before the collapse of the UST, there were also warnings that the algorithmic stablecoin was unsustainable and would be very risky as it depends on the price movements of bitcoin and other altcoins.
I still think that USDT is not 1to1 ratio backed. I still think that they are lying and they are "mostly in fiat liquid assets", like bonds and such, which are things they could sell in billions without crashing any market. However, thats still not fiat, and I believe that they are making money from people without merit and it should not be really given to them, reaching 80+ billion dollars with this doesn't make any sense to me at all. I get that its the biggest one and they do "audits" but I do not believe that they do audits at all, what they are doing is arranging some audits with some companies and paying them to show what they want shown thats it.
Remember the time that USDT team admitted they were not fully backed by USD assets?
So these whales or big holders maybe are just ensuring their funds are secure in other form.
But I don't think USDT will turn to be scam also. People behind this are already well-known in this market.
And I think, they are pretty established as compared to UST, which is algo-based (no backing of fiat).
So these whales or big holders maybe are just ensuring their funds are secure in other form.
But I don't think USDT will turn to be scam also. People behind this are already well-known in this market.
And I think, they are pretty established as compared to UST, which is algo-based (no backing of fiat).
You are trying to connect events that are almost a year apart. USDT issued an audit on June 30, 2021, indicating that the token was only 10% secured in fiat. Since then, USDT's capitalization was about $62 billion and continued to rise, until May 7, when the capitalization reached $83 billion. And now they have released a new audit saying that they have increased dollar collateral. So your version about investors withdrawing funds because of low fiat collateral doesn't make sense, because if it mattered to investors, we would have seen capitalization decline back in July of last year.
No wonder it happened, if what he meant was the tether count in the entire cryptocurrency community of 10 billion dollars is very possible. Everyone is still thinking positive because we are in a bear market of course tether is used more for entry and exit. Unless it's bad news then it's worth suspecting if tether has bad intentions but this isn't there.
This feels strange of course because until now tether has not been a problem whatsoever and it is still very safe for us to use, it is possible that many investors get profits in tether at this time because it has increased and they issued so many tethers at this time, but we also have to be vigilant because not all coins will always be safe for us to use including stable coins of course, So we have to keep abreast of future developments hopefully there is no problem whatsoever.
Even though it doesn't look strange for us to use, but we need to be aware of it, many investors get profits based on the investment pattern they develop, and even they are good at getting out if something happens in a short time, experienced investors know how to make a purchase and get out of trouble. yes, but talking about stablecoins not all investors believe it, keep an eye on the market and don't do anything based on hype Jump to: