Tether is up while most crypto are crashing

Peter Terlato 17 January 2018 NEWS

Tether large

Tether is a cryptocurrency that is pegged against a fiat currency, in this case the US dollar.

Over the last 24 hours, the overwhelming majority of digital currencies have suffered steep declines in value, according to price checking website CoinMarketCap. However, Tether (USDT) has been able to resist the slump.

Tether is a cryptocurrency that is pegged against a fiat currency, in this case the US dollar. This means Tether tokens generally rise and fall with the value of the dollar, helping the digital currency to maintain stability.

At the time of writing, Tether was up 2.22% over the last 24 hours, fetching US$1.03. During this period Tether experienced US$4.61 billion in trading volume. Tether has a total market cap of around US$1.67 billion.

Comparatively, over the last 24 hours, bitcoin is down around 17%, Ethereum has lost 19%, Ripple's XRP token plummeted almost 30%, Bitcoin Cash has fallen 21%, Cardano has shot down 25% and Litecoin slashed 17%.

These tumbling values and price movements, determined by CoinMarketCap, demonstrate intense volatility.

A number of cryptocurrency exchanges offer Tether trades, including Bitfinex, Bittrex and Poloniex.

Tether Platform currencies are 100% backed by fiat currency assets held in the company's reserve account.

Tether offers consumers a stable alternative and potential substitute for unreliable exchange and wallet audits. The company lists its current balances on its website, divulging total liabilities and shareholder equities.

In November 2017, Tether reported that its systems were hacked and $30 million worth of USDT was stolen.

Trying to ascertain what's causing the current downturn in crypto values? Much of the market speculation and social media chatter point to fresh reports that China was about to impose new regulations on cryptocurrency.

Interested in learning more about cryptocurrencies? Check out our A-Z list of the most popular altcoins.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site