Tether withdrew from the market nearly 1 billion USDT and burned a large part of this volume
Over the last week, Tether withdrawn from circulation tokens USDT 966 million, of which 500 million were burned.
As explained by the company itself, last week’s Tether bought “a significant number” of tokens USDT out of circulation. In this regard, the decision to destroy 500 million tokens, and the remaining 466 million to save them for future releases.
On the morning of 25 October, the capitalization of the Tether fell to $1.95 billion, reaching minimum values in January 2018, average rate, according to Coinmarketcap, is about $0,99.
Thus, the rate of the most popular stablein played my fall on October 14-15, however, on the background of significant decline in turnover and significant reduction in trading volume to $1.84 billion over the past day.
We will remind, the third week of October began with the fact that the Tether fell to $0,925. At the same time on the Korean and Chinese markets there was feverish buying amount of cryptocoins, the fastest growing bitcoin.
Clearly these swings were seen on the stock exchange Bitfinex, which is affiliated with the Tether team: there BTC as opposed USDT soared to $7700. On any other exchange, such a sharp shot was not observed, although the bitcoin and tried to break the resistance of $7000.
Excitement fairly quickly died down, but its outcome was not only a sharp increase in the dollar price of other tablconv and increase their turnover. Exchange quite a mass of steel to add to the listing, the other tied to the dollar coins, to protect yourself from accidents, such as those faced by Bitfinex.