Tether loses 10 billion dollars

[kojektea]

When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.

[cabron]

When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.

Like they said its just a 10B, its tiny amount for a stablecoin that's on the top 3.

But some crypto observers are already expecting more stablecoin scam and they were suspecting USDT to be the next since a lot of circulating articles already about it not backed by real USD. So far nothing was said to counter this and then there's SEC who are eager to get their hands on stablecoin regulation while the FED also wants to release their own FEDstablecoin.

[trendcoin]

...
as you can see this has never happened before and the people who are selling out their USDTs are not your average joes but rather the whales,so what do you think ? Do they know something we dont ?

I also use Tether and I agree it works, but Tether data is not very reliable. The $10 billion you see in the chart may not have any equivalent in bank accounts. Save the day with Tether, but never trust it. It has a completely opposite structure to the understanding of cryptocurrency. On the other hand, the FED is giving high interest rate signals. We are entering a crisis period for the real sector. Investors may also want to invest in the real sector. Maybe that's why they withdraw their money. Everything is possible. We need to stay calm. I wish you a good day.

[keyscore44]

When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.

Like they said its just a 10B, its tiny amount for a stablecoin that's on the top 3.

But some crypto observers are already expecting more stablecoin scam and they were suspecting USDT to be the next since a lot of circulating articles already about it not backed by real USD. So far nothing was said to counter this and then there's SEC who are eager to get their hands on stablecoin regulation while the FED also wants to release their own FEDstablecoin.

Capitalization has gone from $83 billion to $73 billion, so that's not a small amount.
In my opinion, it is not strange that investors are selling USDT when one of the biggest stablecoins collapses (LUNA).
Tether has already been audited several times to verify that all USDT are backed in USD and has passed all audits so far. In my opinion, for security reasons, SEC should check them again. Then we'll all sleep better.

[TimeTeller]

When the bear market has arrived I think everyone will take their assets from cryptocurrency to real assets to fiat money. One of the easiest ways is via tether. There is no data here that shows that the 10 billion usdt transaction took place with a single transaction. The sheer number of tether users I think makes that many transactions possible.

Like they said its just a 10B, its tiny amount for a stablecoin that's on the top 3.

But some crypto observers are already expecting more stablecoin scam and they were suspecting USDT to be the next since a lot of circulating articles already about it not backed by real USD. So far nothing was said to counter this and then there's SEC who are eager to get their hands on stablecoin regulation while the FED also wants to release their own FEDstablecoin.

Capitalization has gone from $83 billion to $73 billion, so that's not a small amount.
In my opinion, it is not strange that investors are selling USDT when one of the biggest stablecoins collapses (LUNA).
Tether has already been audited several times to verify that all USDT are backed in USD and has passed all audits so far. In my opinion, for security reasons, SEC should check them again. Then we'll all sleep better.

Maybe you are talking about recent audits because way back in 2019, Tether itself admitted that they were not fully backed at one point.

https://www.coindesk.com/markets/2019/11/08/tether-says-its-stablecoin-is-fully-backed-again/

However, even with audits, how sure are we that we are getting the absolute truth behind their assets?
So for me, there's a reason for some holders to switch to other assets and find more solid platforms.
That amount, 10B is already huge to some. It may not be significant to USDT but it is a dent on their market.

[wxa7115]

I'm just being safe and choosing different stablecoins.I think the last situation has already taught many that it is not worth keeping only one asset so that they wake up in the morning and realize that you have lost everything.It is important to always be prepared for the worst-case scenario.

Without a doubt this is going to make a lot of people that are holding tether to take a very good look at this situation, after all for a very long time there have been many accusations against tether about their tokens not maintaining the one to one ratio they claim.

So while I have my doubts this is going to precipitate a crash similar to what we saw with UST it is important to keep looking at the situation and see how it develops, as even if you are not invested in tether if it were to collapse I think we could see a drop in the price many times worse than what we saw with UST.

[justdimin]

When the market collapses, there there will be panic situation among the investors this is natural. In this case, whales or big investors always try to be safe. Thousands of big investors have lost what Luna did a few days ago. If a stable coin ends like UST, it will have an effect on the market. Investors are now thinking about the same that has been done in the market with Luna. If there is any doubt about any other project, they will withdraw their money from it, this is natural. but I don't think there will be any such problem in Tether.

The difference between whales and us is that they have money they could lay back towards, whereas we do not have that. Imagine a situation where someone makes 30k a year in the USA, that person is a poor person, it would be SUPER rich in my nation but in the USA that is not enough. And this guy managed to work in UBER for his excess time, basically have no life left, and use all of that to buy about 50k dollar worth of bitcoin recently.

Same period but we are talking about someone who has 1 million dollars income yearly, and he invested 50k as well and has a lot more left in other stuff. Which one of them would be able to feel relaxed when bitcoin goes down? Simple answer, right?

[TopT3ns]

I saw the chart you provided reminds me of events such as UST, moments before the collapse of the UST price there was an extraordinary destruction, even though USDT has very high strength it does not provide a guarantee that USDT can remain stable, the trading volume of USDT can collapse instantly if something happens the bad one. for investors or those who have assets in the form of USDT with amounts must remain cautious.

[JahriMeayer]

That's a big amount and possible reason behind this, could be so many. As it is bear market, so withdrawing assets can be considered as common matter even bitcoin, Ethereum are also being sold and thats why they are dumping. Other reason could be, this is because of the effect of UST! Teher don't have fully backed by usd so its wise to move for decentralize. Or maybe the withdraw Because they want to altcoins & take advantage of bear market