HALF-A-BILLION TETHER TOKENS INFUSED IN AUGUST, YET NO SIGNS OF CRYPTO MARKET PUMP
With over a $500 million influx of Tether’s USDT tokens in the crypto market this month, Tether grabs a spot in the top ten cryptocurrencies with a circulating market cap of $2.7 billion.
August has remained a critical month so far, with cryptocurrency market valuations dropping by 20-25% since the beginning of the month. Additionally, the cryptocurrency market attained its 2018-low as the overall market cap plummeted below $200 billion for the first time this year.
However, the controversial cryptocurrency Tether (USDT), known for its role in Bitcoin $6724.42 -0.09% price manipulation in the past, is once again in the news. Data from Omni Explorer shows that in August alone, over 500 million USDT tokens have been created, with all of them being sent to the Bitfinex exchange.
As each USDT token is pegged to the U.S. Dollar in a 1:1 ratio, nearly half-a-billion USD has supposedly entered the crypto market. Despite Tether’s alleged involvement in crypto market manipulation earlier, this time the stable coin seems to have failed in turning over the bearish market sentiment.
However, Tether has climbed the ranks, now sitting among the top ten cryptocurrencies by market cap. The official Tether website shows that $2.8 billion USDT tokens have been issued to date.
Controversial cryptocurrency Tether (USDT), known for its role in Bitcoin price manipulation in the past, is once again in the news.