Tether is up while most crypto are crashing
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.
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.