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> JP Morgan says expect 50% drop across the board in crypto. Around 10 AM PST, somebody just pulled a billion dollars out of Tether. Meanwhile, aggregate of th
by capableweb 4y ago
> JP Morgan says expect 50% drop across the board in crypto. Around 10 AM PST, somebody just pulled a billion dollars out of Tether.
Meanwhile, aggregate of the cryptocurrency market is up 5.38% over the last day, Tether recovered landing on 0.9999 USD after 4-5 hours of the drop hitting bottom at 0.9818 USD, which was nowhere near previous all-time low Tether has hit previously.
In other words, everyone screams "panic!" while the world quietly moves on.
- Animats 4y agoTether will stay very close to 1.0 until, some day, they can't make a redemption. The number to watch is their "market cap". Note that Tether can make that go up by minting more Tether, but when you see it go down, that usually means someone cashed out. Stablecoins have only two stable points: 1 and 0.
- Panzer04 4y agoYou'd think Tether would be printing money arbing their coin, at this rate.
- fshbbdssbbgdd 4y agoFTX let people withdraw 100% of the time until they didn’t.
- UncleEntity 4y agoWhich is pretty good uptime if you ask me…
- fshbbdssbbgdd 4y agoI guess the Tacoma Narrows bridge had 99.999% uptime because it lasted for months and then only took minutes to collapse.
- ww520 4y agoBecause CPI looks better than expected. The entire market goes up.
- jquery 4y agoTether will unravel, it's only a) a matter of time, and b) whether it happens in public, or behind closed doors in smoky rooms.