By Even though the crypto market had an overall increase in a bigger picture, the price of the tether stablecoin (USDT) has fallen. The fall is quite major as it is lowest of 18-month.
It was indicating two percent drop on a 24-hour basis. USDT was trading at $0.967296. Also, the tether-US dollar exchange rate (USDT/USD) dropped to $0.925284 at 07:00 UTC, indicating the lowest level since April 27, 2017.
With the decline in USDT price, Bitcoin saw uplifted prices on the Bitfinex exchange above $600. As of now, bitcoin is trading at approx $6,617 globally. It has clocked a 5.5-week high of $6,960 earlier today.
Here, bitcoin which is one of the topmost cryptocurrency spiked up to $7,788 on Bitfinex, that operates Tether LLC. It is the company which has developed the USDT token.
Amid that, according to some reports, the investors are getting sceptical about crypto markets due to the decrease in price. Also, it points out to the lack of transparency over tether’s true USD holdings and speculated issues at partner firm Bitfinex.
Moreover, some recently introduced stablecoins such as Gemini Dollar (GUSD) and TrueUSD (TUSD) rose to 1.85 percent and 4.96 percent, respectively.
Due to such a significant decline of USDT price, traders have lost faith from it. Seemingly they are moving their money from USTD to Bitcoin or some other stablecoins.
