Tether Price Falls to $0.94
The price of Tether — one of the most popular stablecoins — has collapsed to $0.94 after rumors that cryptocurrency is not secured with US dollar. The largest crypto exchanges have already begun the USDT delisting process, according to rumors.
According to the creators of Tether (USDT), their cryptocurrency is secured by the US dollar 1:1. It means, that one USDT should cost $1. The crypto community has repeatedly accused Tether of manipulating with information about securitization. And according to rumors, the world's largest crypto exchanges — Binance and Kucoin — launched the process of delisting cryptocurrency. Rumors have not yet been confirmed, but Tether price has already begun to fall.
According to Coinmarketcap, tonight, the value of the USDT dropped to $0.94. Although almost immediately after this rate has grown to $0.96.
Investors began to sell off USDT. Experts say that this has caused an increase in the price of other crypto assets. In particular, the price of Bitcoin soared first to $7,200 on the crypto exchange Bitfinex. After half an hour, BTC was worth almost $7,500.
At the same time, according to Coinmarketcap, the average cost of BTC on the crypto exchanges increased by 7.65% and reached $6.819.