Tether [USDT] is listed as 8th currency on the top 100 cryptocurrencies by the coinmarketcap.com. Tether’s share of the trading volume in the six-member stablecoin market remained mostly unchanged between the start and conclusion of this week’s sell-off. CoinMarketCap data reveals that USDT is tradeable on 400 cryptocurrency markets. USDT is a stable coin and should keep its value equal to $1 but due to some hacks, it is failing to maintain that level.
1-Week Price Analysis (11th November – 17th November)
Tether is a stablecoin and as all other stable coins Tether is also supported and regulated by the banks, being a stable coin means its value is not volatile but this week the Tether [USDT] faced some fall. On 11th, 12th, and 13th November, the value of Tether was pretty stable which went high up to $1, $0.997591 and $0.994797 respectively and fell upto $0.990462, $0.987200 and $0.979940 respectively. On an average day these values were expected but on 14th November the Tether system was hacked which led to a loss of more than $100 million dollars.
The value of USDT fell lowest to 0.962447 on 15th November due to the hack, this situation forced the market cap value to decrease upto $1.6 Billion. Tether recovered its value on 16th and 17th November to reach up to its daily highest $0.992339 and $0.992895 respectively. The market cap value regained its value back on 17th November and remained stable on $1,731,601,740.
1-Day Price Analysis (17th November)
Tether [USDT] changed its value around 0.34% in the last 24-hour span. On 17th November, the value of USDT was stable which was from $0.984471 to $0.992339. The 24-hour volume was $2, 889, 310, 296 and the market cap reached $1,731,601,740. Tether has been in a lot of controversies regarding price manipulations lately and the hack shooked the currency from its roots, but on 17th November the USDT was back on track.
Coinbene, Binance, OKEx, Bitforex, and Huobi are the top 5 markets for Tether [USDT], they all pair the USDT with BTC. 18.03% volume of the total USDT is present on these 5 markets, Coinbene has the highest 6.01% volume and has priced USDT $0.992628.
News affecting the value of Tether
Tether announced that the company had opened a bank account in the Commonwealth of The Bahamas at Deltec Bank & Trust Limited and Tether also published an official letter from Deltec, in which the bank confirms that on October 31, 2018, the stablecoin-issuer held approximately $1.8 billion of reserves in its account.
We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited https://t.co/LSn64soUsC . Balance confirmation at 2018-10-31 attached.
— Tether (@Tether_to) November 1, 2018
On October 24, 2018, Tether burnt 500 million USDT, but the company reported that the token burning had no connection to the price of USDT.
Around the second quarter of last year, critics reported that Tether was “printing” USDT tokens without the necessary USD collateral behind the dollar-pegged digital currency.