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Largest ‘stablecoin’ tether is now also going down

by

12 mei 2022

11:24

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The implosion of the fixed-value cryptocurrency terraUSD is pulling the other digital coins down.

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The largest stablecoin tether is now also going down. The coin tumbled to 94.55 cents this morning, before recovering to 98 cents. But in principle the tether should trade at 1 dollar (see chart).

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There is also great panic elsewhere in the crypto market. Bitcoin’s value fell below USD 27,000 (-6.1%), the lowest figure since December 2020. Other currencies such as the ethereum and the solana also went into the red on Thursday.

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It is not the first time that a stablecoin has gone under. It happened before at Neutrino and Iron Finance. European and American regulators therefore believe that the market should be regulated more strictly.

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Lower further?

“The fall of the stablecoin has a major impact on the market,” Edul Patel, the CEO of the crypto platform Mudrex, told Bloomberg news agency. “Bitcoin has often recovered quickly after a crash in the past, but this time it may fall further.”

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Combine the shock of the terra crash with US inflation news and the picture becomes even less rosy. Investors are fleeing risky investments as interest rates rise.

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