Tether may reassure the crypto community after the depeg series of its USDT stablecoin occurred this year, but its instability is extremely worrying. Early in the morning, it was reported that the asset had fallen to a very low level, casting doubt on a Terra bis scenario. Decryption!
Tether USD tumbles again
This year has seen some debate around the stability of the USDT. Indeed, on several occasions, this stablecoin of Tether has lost its peg to the dollar. Last June, Paolo Ardoino, the company’s technical director, stepped up to the plate to heal the image of Tether USD to users.
Earlier this month, USDT also suffered froman ephemeral depeg. This time around, the Tether team pointed the finger at Binance boss CZ. The latter would have favoredUSDT selloffs on Kraken and Huobi for purposes of destabilization.
” The cartel is finding it increasingly difficult to manipulate cryptocurrency prices and drive them up while maintaining USDT parity.
As they catch the falling knife to prevent BTC from falling off the cliff, USDT sinks even further into the depeg. Liquidity has almost completely dried upwhich led to the slippage. »
It seems difficult to name the “cartel” referred to by Rho Rider in this tweet. But our research on USDT price swings proves a descent, albeit fleeting, in its value.
The images pinned to the post above highlight a Tether USD at 0.9988 dollar on the USDT-USD part. As for the BTC-USDT pair, the stablecoin was showing a price below $29,200.
We are aware that USDT was also trading at 0.9968 on Tuesday August 8th on Coingecko.
Price manipulation and collateral damage
About the ” handling » bitcoin prices and cryptocurrencies, we covered it extensively a year ago.
In this article, we have highlighted the fact that bitcoin and all the promises that come with it are embarrassing in the eyes of traditional financial institutions.
Also, we will note the existence of other types of price manipulators on the enthusiast side. Already, Tether has denounced large transactions made by Binance-funded addresses. This caused substantial liquidity problems to the issuer of the stablecoin USDT.
Jim Cramer, an avowed crypto-skeptic, has already warned of the existence of bitcoin price manipulators in high places. This is the reason why the queen of cryptocurrencies took over the hairs of the chard at the start of the year.
In the cryptosphere, stories of price manipulation are legion. Even Dogecoin’s top lawyer, Elon Musk, has been accused by some DOGE investors for doing so.
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