Kraken Sees $10 Million Traded in USDT/USD Market in 24-Hours, Last Time the $1 Peg Broke, BTC Tanked
Tether is one of the most controversial digital currency that has been used widely in speculation. As Bitcoin went through its rally last week that saw BTC rising 23 percent, there has been a huge increase in the trading volume of USDT during last week.
However, after the rally ended and this week began with a slow start, USDT/USD trading in cryptocurrency exchanges saw a significant jump.
Over $10M traded in the past 24 hours on kraken’s USDT/USD market. The last time the volume was this high for a few days, the peg broke <$1, tether started destroying USDT to bring back the peg, then btc tanked as a result. I expect the same will happen this cycle. pic.twitter.com/i4XMGHTmz6
— Andrew Rennhack (@andr3w321) April 8, 2019
But it's not just on the Kraken exchange, 20 million Tether from Bitfinex has also been moved to its reserves. But it could be Tether removing USDT from the Omni chain so that an equivalent amount of USDT can be released on the Tron and Ethereum blockchains.
— Not TethERC20 Backup Printer (@eurtprinter) April 8, 2019
Binance CEO, Changpeng Zhao also pointed out the millions parked in “pseudo fiat” which is more than most of the tokens. It certainly has the potentially take the market into another rally.
I guess this was true. Plenty of money ready to jump in, and in full FOMO mode.
Everyone will be in Crypto. Don't get left behind! https://t.co/rfvRS7uhGK
— CZ Binance (@cz_binance) April 2, 2019
USDT has been seeing record volume as per Coinmarketcap even more than Bitcoin during the last few days while the market is enjoying the greens. Currently, Tether is at 10th position by the market cap of $2.1 billion while trading at $1.01 with 24-hours loss of 0.44 percent.
Recently, Tether had come clean with the fact that each USDT token is not completely pegged by $1 USD only rather also includes cash equivalents, other assets, and receivables from loans that are made by Tether to third parties.
On Monday, Tether also took crypto community by surprise when it printed 3.1 billion USDT that would have taken its supply from $2 billion to over $5 billion. But as it turns out, it has been merely a broken bot.
Someone is getting ready to buy the dip. https://t.co/gS63KBdbck
— The Crypto Dog📈 (@TheCryptoDog) April 8, 2019
While Alistair Milne wrote, “Several large Tether issuances 6 days after the Bitcoin rally (which sent USDT to a premium vs USD on all exchanges). Waiting for the media to spin this into Tether being the cause of the rally.”
ALERT: Tether has just granted 49,947,523 USDT https://t.co/W41MIsEV61 – Mon Apr 8 09:14:31 2019
— FOMO Bot (@BotFomo) April 8, 2019
Bears in panic?
There was no significant move in BTC, so it can't be liquidation.
He must be following the Fomobot pic.twitter.com/zlm4UuSiB2
— Crypto_Ed_NL (@Crypto_Ed_NL) April 8, 2019
Though today Bitcoin initially went to $5,160 level, it is yet again on the up as BTC is currently trading at $5,213 with 24-hours gains of 0.50 percent with a market cap of nearly $92 billion.
Live Bitcoin (BTC) Price:
1 BTC/USD =$59,679.6869 change ~ -0.68%