Re:Tether Withdrawals Top $10B
by cormacrelf on Tuesday May 24, 2022 @02:53AM
(#31488834)
It's tether. It did briefly detach from its peg at USD $1 but the "valuation" of a coin has been roughly constant. It's $10bn out of originally $83bn, and it's still trading at $0.998 or so. So yeah, people have taken a big chunk of money out. That's called a withdrawal. We do not know that it is a cash withdrawal.
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It's still detached, and it's been the longest period it's been unpegged from US$1 since it started to have high volume. Look at any graph (coinmarketcap.com is an easy one), since early 2019 when volume picked up it was never more than 6-7 days below US$1. It's been for 14 days and counting this time.