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Despite the controversies, new Tether tokens continue being minted as demand continues to increase. Currently, the market cap of USDT is $68.223 billion, up from $4.108 billion in October 2019.
Meanwhile, other traders may step in and buy on the cheap. In short, volatility can help sophisticated traders “buy low and sell high” while inexperienced investors “buy high and sell low.” 4.
The most popular stablecoin, Tether, initially claimed to be fully backed by fiat currency; this was proven to be untrue, and Tether was fined $41 million by the Commodity Futures Trading Commission for deceiving consumers. [3] Instead, Tether only had enough fiat reserve to guarantee 27.6% of their stablecoin.
Tether Limited also disclosed a net equity of $11.9 billion, and the stablecoin's market capitalization exceeded $114 billion. [5] [6] Tether faces criticism regarding the transparency and verifiability of its claimed fiat reserves. [7] Tether is the largest cryptocurrency in terms of trading volume, holding 70% of the market share among ...
FTT, FTX's main crypto coin, crashes and loses 80% of its value as the result of a run on the exchange. [76] 10 November BlockFi halts withdrawals due to the turmoil from FTX. [77] The largest stablecoin, Tether, loses its peg to the US dollar. [78] 11 November FTX declares bankruptcy. [79] 16 November Both Genesis Global Trading and Gemini ...
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