Nestabilan. USDT is no longer equal to one dollar, what’s happening?

If you pleased morning the price of Bitcoin, do not hurry to run to the exchange. Today PAMP cryptocurrency is associated with a dramatic collapse in the price of the main stablon Tether. At the moment the token USDT fell to 0.94 dollar, which means loss it binds 1:1 to the dollar.

Data on the price of BTC on Coinmarketcap are taken on average on all major exchanges. Only here on exchanges without USDT Bitcoin is trading at $ 6500, while paired with USDT its cost exceeded $ 7200.

Tether unsubstantiated

The last time a sharp drop in stablon occurred in April 2017, then the coin dropped down to 89 cents. USDT market capitalization also fell to $ 2.4 billion. Just five days from the tray took more than $ 400 million.

The trading volume almost all the top crypto-currencies also declined, the volume of Tesera fell by almost two times. The worst had to Ethereum — here auction broke a new record in 2018. Now the daily volume for ETH is already below $ 1.1 billion.

In this situation, Bitfinex team has temporarily suspended the deposits in the Fiat, as its Bank account at HSBC Bank is now likely to be closed. This means that over one of the largest kryptomere no longer goes Fiat. Tether also can not move their dollar reserves so that they will have to find another Bank (if it’s still possible).

Without the possibility of having available a Bank account tokens USDT will lose your status stablon. It happened in early 2017, but then the situation was somewhat different, because the capitalization of the Tether was not that big.

Why falling Tether

In an exclusive interview with CCN, a cryptanalyst Alex Krueger cited three main reasons for the collapse of Tesera:

  • traders moving from USDT to alternatives like Gemini and Pax USD;
  • traders sell USDT to buy cryptocurrency;
  • in cryptocommunist growing doubts about the state of the Bank accounts Tether LLC.

Image source — Bitcoinist

The company behind USDT, proved his possession of more than $ 2 billion in September of last year. However, Tether LLC and has not passed the audit, the company failed to reach a consensus with the community about the situation with the Bank accounts. It is not clear whether the traders to withdraw their funds from Bitfinex bound 1:1 to the dollar.

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